Retired couples in the South East enjoy weekly incomes 17% higher than the UK average, new research shows.

However, while couples do best in the South East for income, single retirees in Wales are the best off among single people in the UK, data from pension firm iSIPP shows.

The firm’s analysis of Government data shows weekly gross incomes for pensioner couples in the South East at £727 are nearly a fifth higher than the £621 median for the UK.

South East retired couples have an income 33% higher than in the North East where weekly gross incomes are £547.

Detailed analysis shows that single pensioners in Wales are narrowly the best off compared with other single pensioners. Their gross weekly incomes at £340 are slightly higher than the £338 in the South East and the £337 in the South West.

The data also shows that just over half (51%) of pensioner couples generate 50% or more of their income from private savings, including pensions, while just 28% of single pensioners generate more than half of their income from private savings.

This is starting to change, according to iSIPP. Around 58% of pensioner couples who reached State Pension Age recently receive 50% or more of their income from private savings compared with 34% of single pensioners.

Some 93% of pensioner couples have income from private savings compared with 80% of single pensioners.

iSIPP managing director Hrishi Kulkarni said: “The differences in retirement income around the country are huge with couples in the South East around a third better off than those in the North East. While that probably reflects differences in property wealth it doesn’t tell the whole story as couples in Scotland and the East of England could be marginally better off than those in London where house price rises have outstripped the rest of the country.

“The bigger picture is that private pension saving is on the rise with people recently reaching State Pension Age generating more of their income from their own savings.”

Regional Pensioner Income