Marvin OnumonuMore than 1.2 million retired households in the UK were mainly reliant on the State Pension for their income, analysis of ONS data by Just Group found.
Data showed that around 740,000 single retirees and 500,000 two-adult retired households had at least three quarters of their income coming from the State Pension or similar benefits and were not economically active.
Pensions UK’s Retirement Living Standards put the minimum annual income for a single pensioner at around £13,400, which is £1,427 higher than the £11,973 provided by the State Pension.
The figures showed that 740,000 single retirees faced this shortfall.
Spreading the State Pension evenly across the year would see funds run out by 22nd November, a date called State Pension Shortfall Day.
David Cooper, director at retirement specialist Just Group, said: “The data from the ONS highlights the significant number of pensioners who are mainly dependent on the State Pension and other benefits to support them throughout retirement.
“Pension UK’s minimum income standard is nearly £1,500 higher per year than the current State Pension and demonstrates the gap that hundreds of thousands of retirees need to bridge to achieve a minimum standard of living.
“For many of these people it is not be feasible for them to find employment, leaving them with little choice but to tighten their budgets by nearly £119 a month.”
Cooper added: “One way people may be able to bridge the retirement income gap is by checking if they are entitled to additional benefits.
“Figures from the DWP show nearly a million pensioners are missing out on Pension Credit, which is specifically designed to support those on lower incomes, at an average amount of £2,600 a year.
“For many, this extra income could significantly improve retirement living standards, so it’s vital people check if they’re eligible for unclaimed support.”
