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A new survey has revealed that a significant number of people admit that they’re relying solely on a state pension to see them through retirement.

The SunLife ‘Life Well Spent’ report found that almost seven million people over the age of 50 don’t have a private pension.

According to the data, 20% of men and 33% of women over 50 are relying on the state pension alone to fund their retirement – this is currently just £10,600 a year, and Retirement Living Standards say for a ‘moderate’ retirement, an individual will need £23,300 a year.

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Mark Screeton, CEO at SunLife, commented on the findings, “It is really worrying that so many over 50s – particularly women – are relying on the state pension alone to fund their retirement. That level of income is just not enough to sustain even a basic standard of living, let alone a lifestyle that most people would call ‘enjoyable’.

“For some homeowners, equity release is one way they choose to boost retirement income. In fact, according to this year’s report, one in 50 over 55s have already taken out an equity release plan and, of those, 21% used the money to supplement their income, with 82% saying doing so improved their happiness.”

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