The current generation of U.K. pensioners is better off than ever before, according to new research by an influential think tank, and for the first time those that are retired have incomes higher on average than the rest of the population.
According to the U.K.'s Institute of Fiscal Studies, current retirees are enjoying incomes that are better than most, once housing costs and family composition are taken into account, and that research suggests "pensioners' incomes will continue to rise for at least the next decade."
There has been an "astonishing turnaround" in poverty among elderly people, the report authored by IFS Director Paul Johnson noted.
Not only has life expectancy risen unexpectedly, but incomes in retirement have "been rising fast and much more than for the working age population" reflecting rising state and private pensions, rising house prices and more generous means-tested benefits, Johnson said.
Pensioners' incomes have continued to rise after the U.K.'s recession in 2008-2009 (and even before then) as the incomes of working-age households have fallen too.