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1 in 4 Pensioners Struggle Financially

3 million pensioners are struggling financially a new report from Age UK reveals. With 1 million unable to meet a £200 unexpected bill

Emma Wall 1 September, 2017 | 11:06AM

 

 

 

Emma Wall: Age UK have today released a report revealing that three million pensioners, that's one in four, are struggling financially. As many as one million would struggle to find an extra £200 should an unexpected bill come through and nearly 300,000 struggle to pay regular bills.

Now, this is at odds with the understanding that the baby boomer generation are the best off because of course pensioners includes those over 65, which now includes that baby boomer generation. It's also at odds with the idea that the flat rates state pension introduced last year is a cure all for pension poverty.

Age UK have urged those who struggle in retirement to get in touch and get some advice on the benefits that might be available to them. But we would also add to that that those approaching retirement still have time to make sure that they don't struggle once they are a pensioner. Make sure you save as much as possible while you can, take advantage of workplace pensions and indeed, your own personal allowances and tax-free-efficient savings vehicles such as ISAs and SIPPs.

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About Author Emma Wall

Emma Wall  is Senior Editor for Morningstar.co.uk