‘Worrying!’ Thousands of Britons plan to rely on state pension for retirement

The state pension is often considered the bedrock of retirement, but people are often encouraged to make their own retirement provisions in addition. However, research has illustrated that for many this is not the case, and they are looking primarily towards the state pension sum in later life.

This is despite the fact the state pension’s annual increase is currently running below inflation.

This means its value in real terms is in fact declining amid the cost of living crisis. 

Research from abrdn has shown only 25 percent of this year’s retirees feel very confident they have saved enough for retirement.

A fifth of those leaving the workforce this year plan to rely on their state pension as a main source of income.

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The better prepared a person is for their retirement, the less likely it is that crises will occur in later life.

He has suggested individuals consult a financial adviser, as these professionals can provide tailored assistance.

Mr Titterton added: “A professional adviser can help alleviate worries and concerns and explore all the options consumers might have, to achieve their desired retirement.

“We would urge those close to or recently retired to consider seeking financial advice to help better understand and review their income and spending as well as seeking guidance on how to make their income as tax efficient as possible.”