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Retirees 'want more than basic state pension'

Over two-thirds of retirees believe that they will need more than the basic state pension in order to live comfortably, new research indicates.

The survey commissioned by Friends Provident found that four per cent of people in the UK think that they could live comfortably on the basic state pension.

Meanwhile 69 per cent of people - both those who have already retired and those who are still working - say that they would need £600 a month or more in order to live comfortably.

Although 69 per cent of current retirees say that they have funds to support themselves, 32 per cent of those still in employment think that they will struggle financially when they retire and 14 per cent expect to wish that they had saved more.

Head of pensions marketing at Friends Provident Jeremy Ward stated that while three-quarters of people expect to need over £600 a month to live comfortably, considering a quarter of people have not yet drawn up their retirement plan, this is something they can only dream about.

He said: "By ignoring how much they need to save to live comfortably in retirement or how soon they need to start saving, many Brits are facing a potential pension shortfall."

Research from Abbey found that four and a half million people aged over 55 have not yet planned for retirement.

Landlord Mortgages “Buy To Let is certainly a viable way to boost income in retirement. Whether you are investing in retirement or for retirement, buying a Buy To Let property could provide capital appreciation and a regular monthly income.”

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