Will the average pensioner have the income than they need' by 2020

Pensioners and full-time workers will see their living standards improve by 2020 thanks to the measures introduced in this year’s summer Budget according to new analysis by the Joseph Rowntree Foundation. Families with two parents in full-time work will also be better off by 2020 they say.  Pensioners will have £15 more than they need every week for a "decent standard of living" in 2020, the report found. 

The report – Will the 2015 Summer Budget improve living standards in 2020? – uses the Joseph Rowntree Foundation’s "minimum income standard" to track how the living standards of households will change by 2020. The minimum income standard is based on what consumers believe is, “necessary for a minimum standard of living for people to reasonably get by, such as the ability to run a car, have access to the internet and buy a modest birthday present.”

A Treasury spokeswoman said that while living standards are rising, there is more to be done to support families. “That's why we are introducing a new national living wage which the independent Office for Budget Responsibility. "Together with the further increases to the personal allowance next year, this will mean people will keep more of the money they earn by paying less income tax.” If you want to make sure your pension offers you a decent standard of living Enable’s IFAs in Bishops Stortford can help you plan for the future.

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