State pension 'may not be enough to retire comfortably'

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State pension 'may not be enough to retire comfortably'

British people may need to go back to their retirement calculator in order to ensure they will be able to afford to live comfortably after leaving employment.

This is the suggestion of Sarah Pennells, editor of SavvyWoman.co.uk, who said she is concerned that a lot of people are simply relying on the state pension instead of regularly putting money aside for themselves.

She commented that around a third of Britons do this, even though the Organisation for Economic Co-operation and Development shows that the UK has one of Europe's least generous pension schemes.

The expert recommended trying to save more, adding: "Government figures show that around seven million people are not [putting] enough into their pensions although other estimates show as many as half of all employees aren't saving enough."

Earlier this week, Prudential research stated that one in five people retiring this year will have to live on an annual income of £10,000, putting them below the poverty line.

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