An increasing number of high-profile financial experts are urging the public to think more about their savings in retirement, but many people are still turning a blind eye.
The shocking 45 per cent of workers who plan to live off their state pension in retirement will be slapped in the face by reality when they hit retirement age. The most any individual can get from a state pension is currently £113.10 a week, which men are eligible to claim at 65 years old and women at 61. John Blowers (pictured), head of Trustnet Direct, says anyone under the illusion that this is enough to comfortably live off is at huge risk.
“Let’s face it, the Government has made the state pension enough to stop people dying of poverty, but that’s as far as it goes. Once you strip out everyday bills such as electricity and water, we calculate that you’d have £64.82 a week – or £9.26 a day – to spend on food and general up-keep. Holidays? Forget it. Clothes? Ever wondered why there are so many charity shops?”
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