New research has revealed that a third of all retirees in Britain will be retiring in poverty.
A study by Prudential has revealed that 35 percent of all the people who retire in in the UK this year will do so with less income than is seen to be enough to fend off poverty.
This is a 32 percent increase on last year’s figure, which suggests that it is becoming increasingly difficult to forge out a happy retirement in the United Kingdom.
Vince Smith-Hughes, head of business development at Prudential said: “Increasing numbers of those planning to retire will face tough financial decisions. Start saving as much as you can as early as you can should help to secure the retirement income you want and need.”
Apparently another aspect of the report is that women are more likely to drift into poverty than men.
The Prudential study quizzed over 10,000 adults in the UK to find its results, and they discovered that many women may retire with a pension income of just £10,000.
The United Kingdom is currently gripped in a wave of austerity and its citizens are finding it more and more difficult to plan for the future and live comfortably. Poor financial planning has often been mooted as playing a big role in the dwindling fortunes of many UK citizens.
Without adequate retirement planning many people come to discover that they do not have enough funds to enjoy the retirement they had in mind. Many people subsequently feel that they have to continue working simply to get by. Speak to a recommended financial planner today and learn more about planning your finances for your retirement.