🚨 Attention all retirees and soon-to-be retirees! New findings reveal a growing concern over pension income gaps, putting the financial future of many at risk. Over 1.2 million retirees in the UK are primarily dependent on the state pension, receiving at least 75% of their income from it. But here’s the twist – the current state pension might not meet the basic living standards set by Pensions UK.
A single pensioner requires around £13,400 annually to maintain a “minimum” standard of living, while the full new state pension offers significantly less, leaving many faced with a yearly shortfall of about £1,427. 😟
The Retirement Living Standards highlight that many pensioners could benefit considerably from checking their eligibility for extra benefits. For some, even a small boost in income could improve their retirement quality of life.
💼 What can you do?
– Review any unclaimed benefits you might be entitled to.
– Keep tabs on annual state pension increases – it’s set to rise by 4.8% in April 2026, thanks to the triple lock, which will see weekly payments increase for both new and old pensions.
This surge in pension income comes as a relief, but it’s still crucial for many to supplement it with additional benefits to bridge the gap. Let’s spread awareness and ensure everyone has a comfortable retirement.
Feel free to share with friends and family who could benefit from this info. 💬 #PensionGap #RetirementPlanning #FinancialSecurity