Yet another report has highlighted the plight of UK residents who cannot get by on lacklustre UK pensions, this time conducted by Prudential.
Prudential have researched the matter and discovered that around half of the people who wanted to retire this year will not be able to as they have insufficient funds to enjoy a comfortable retirement , and unfortunately they will now be forced into working extra years.
Only 12 percent of the people quizzed claimed they would be able to retire at their planned age of retirement. One out of every ten interviewed feared they could be working up to ten years after their planned retirement age.
Vince Smith-Hughes, spokesman for Prudential, said: “Additional retirement income is becoming more important as the security of a defined benefit pension scheme disappears for many people.”
Mr Smith Hughes also highlighted the importance of financial planning and assistance; “Seeking advice from a financial adviser should be a prerequisite to ensuring you achieve the level of pension income you want and need," he said.