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Payment protection: Many retiring in poverty

Research has found that one-in-seven people will enter retirement this year in poverty.

Prudential found that 14 per cent of people retiring this year do not have a pension arranged and so will be reliant upon the state pension alone, which is currently £110.15 per week.

For women, this figure is higher at 23 per cent, while for men it drops to eight per cent.

Retirement income expert at Prudential, Vince Smith-Hughes, warned against reliance on the state pension to fund the cost of living.

He said: "While it's a very valuable source of additional income for millions of pensioners, the state pension should ideally only represent a part of someone's retirement income, not all of it."

Yet, while this suggests that consumers need to invest in their pension for a comfortable retirement they should ensure that they are balancing their cost of living against it. This includes repaying loans, such as mortgages, and avoiding credit card charges.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801588802-ADNFCR



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