Plan B Forum

Typical pensioner incomes now outstrip those of working-age people, a report from the Resolution Foundation says.

Pensioners are also now more likely than their predecessors to still be in work, own a home and have access to generous private pensions, it adds.

The think tank says growth in pensioner incomes has been coupled with weak income growth for working-age people.

Pensioner households are now £20 a week better off than working age households, but were £70 a week worse off in 2001.

However, the report, called As Time Goes By, adds: "This strong growth is not the result of a boom time for all pensioners, with most finding that their personal situation changes little from year-to-year. "

It says while typical incomes across the pensioner population have grown by more than 30% since 2001, the typical income of someone who turned 65 in that year was only 7% higher by 2014.

Continues here...

YEAR - COLA (cost of living index)
2001 2.6
2002 1.4
2003 2.1
2004 2.7
2005 4.1
2006 3.3
2007 2.3
2008 5.8
2009 0.0
2010 0.0
2011 3.6
2012 1.7
2013 1.5
2014 1.7
2015 0.0
2016 0.3