Pensioners are currently facing the lowest levels of post-tax income they've had for the last decade, despite earning more. New DWP data showed in 2023/2024, the average retiree's real income after paying tax was £569 per week, or £29,588 a year. This is the lowest disposable income they've had since 2013/2014.

Despite this, the DWP figures, as seen by the , revealed pensioners are actually earning more now than they did in 2013/2014. A decade ago, the average pensioner was getting £656 per week before any taxes were paid. In 2023/2024, the average pensioner was earning £688 before tax, highlighting the increasing tax burden that's pushing down disposable income levels for retirees.

Just three years ago, pensioners were experiencing an all-time high with £599 average income post-tax per week, adding up to £31,148 per year.

This was just before income tax thresholds - the amount you can earn without paying tax - were frozen. They are starting to squeeze pensioners tighter than ever.

The frozen income tax thresholds and personal allowance has seen retirees creeping closer and closer to tax bills on their state pension payments alone.

When payments increased by 4.1% last month in line with the triple lock, an estimated 700,000 more retirees became liable for income tax bills for the first time.

Chancellor Rachel Reeves confirmed last year that the freeze would continue until 2027/2028, allowing people to only earn £12,570 each year before becoming liable for income tax.

In comparison, the current new state pension offers £11,973 per year.

With the triple lock increasing the state pension by a minimum of 2.5% each year, these payments will breach the personal allowance threshold before the freeze ends unless changes are made by the government.

Jon Greer, of Quilter, told the these figures are a "wake-up call", as he said: "What's worrying is that this comes at a time when older people are also facing higher energy and care costs, making it even harder to maintain a decent quality of life in retirement."

An HM Treasury spokesman told the outlet: "We are committed to help our pensioners live their lives with dignity and respect, which is why we have frozen fuel duty and increased the state pension to leave pensioner couples up to £88 better off a month.

"Our commitment to the triple lock means millions will see their pension rise by up to £1,900 this parliament."