As a new research from Prudential has shown, the number of women retiring with nothing more than the State Pension is twice as many as the number of men in the same situation.
Prudential’s Class of 2012 study has looked at the current pension outlook for Brits retiring this year; revealing a worrying picture for UK women in particular.
Figures reveal that one in six Brits (16%) going into retirement in 2012 will do so relying only on the State Pension to meet their needs. This case is actually much more common among British women – 20% of them will rely only on the State Pension this year, while only 8% of men count on the State Pension as their only source of income.
Further data stated that a worrying 26% of retirees overestimate the amount of State Pension they will receive by more than £1000 a year.
Despite the fact that pensions will rise to £107.45 a week from 6 April, planning an additional pension to fund your retirement is always a good way secure your financial future.
Figures from the study show that 35% of these ‘additional pensions’ come from company pensions, representing the second highest source of retirement income. A further 30% of their income comes from a mixture of savings, investments, personal pension savings, part time work and money from family members.
“A weak safety net”
“Although State Pension levels will rise to £107.45 for single people per week on Friday, this will still only provide relatively low levels of income to people in retirement. It’s a weak safety net for those without any savings and the real income shock for many retirees will come when the gap between their current earnings and the State Pension becomes apparent,” said Vince Smith-Hughes, retirement income expert at Prudential.
Responsible lenders offer unsecured personal loans which are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.