Most pensioners will struggle to live comfortably on the state pension, it has been claimed in a report published on Tuesday.
According to a report by insurance provider friends Provident, 68 per cent of retirees say they are unable to make ends meet on the state allowance and require further handouts from the government.
More than three-quarters said that they need around £600 a month or more in order to maintain a good standard of living.
And only four per cent of respondents to the survey said that they were able to enjoy a decent lifestyle on the state pension tariff.
Jeremy Ward, head of pensions marketing at Friends Provident, said: “Our research has found that the vast majority of people need far more money than the state provides in order to live comfortably.”
Meanwhile, homeowners were warned today by financial adviser Edward Jones that the upper limit of inheritance tax is only £300,000 – which means that many may be ensnared because of rising house prices.
© Adfero Ltd