State pension labelled ‘insufficient’

More than two-thirds of pensioners believe they would be unable to live comfortably on state pension handouts alone, it was claimed today.

A report commissioned by Friends Provident revealed that 68% of UK retirees said they needed more than that which the government currently provides to ensure a decent life.

Research carried out by the <a href=”http://www.sirc.org/”>Social Issues Research Centre</a> revealed that just 4% of people feel they could live in comfort on the amount offered by the basic state pension.

Almost 70% of people, including pensioners and those still in work, estimated they would need £600 or more a month to fund an easy retirement. The current basic state pension is £87.30 a week for single people or £139.60 a week for couples.

The exact amount received depends on a person’s national insurance contributions.

The report also found that although seven in 10 current retirees have adequate funds to support themselves, those still in employment are heading towards a bleaker retirement.

State pension labelled ‘insufficient’ | Pensions | Guardian Unlimited Money

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