Prudential warns that retirees could face a life below the poverty line

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Prudential warns that retirees could face a life below the poverty line

Prudential has warned that people entering into retirement in 2011 could be facing spending the rest of their lives below the poverty line.

The insurance provider carried out research which discovered that 35 per cent of those leaving work for good will have less than the £14,400 a year to live on that is recommended by the Joseph Rowntree Foundation.

Furthermore, almost one in five are set to retire on less than £10,000 a year, with women more likely to face poverty than men as a result of taking career breaks to have children.

Prudential head of business development Vince Smith-Hughes said it is vital to start saving as early as possible in preparation for retirement to secure the necessary money.

He added: "People approaching retirement should seek professional financial advice as a prerequisite to maximising their income. We would recommend that you review your finances with an adviser annually."

Saga's Dr Ros Altmann recently suggested that people could use their property to boost their retirement savings if they can, through downsizing.

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