OAPs’ spare cash up by £17,700
with more than half the rise attributed to higher income from private pension schemes.
The £17,700 figure for 2010/11 was over two and a half times higher in real terms than in 1977, said the Office for National Statistics.
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Hide AdRetired households, where the combined income of retired people accounts for at least half to total income, pay a smaller proportion of their income in direct taxes, but more in indirect taxes such as VAT compared with 1977.
The average income of non-retired households has tended to increase during periods of economic growth but stagnate during recessions, said the report.