More than a MILLION pensioners rely on cash handouts from family
MORE than a million pensioners rely on cash handouts from family and friends to pay bills, figures reveal.
One in nine elderly people rely on added financial support
One in nine elderly people – 1.2 million – depend to some degree on extra financial support, says a report.
People approaching retirement are also struggling, with 28 per cent admitting they have to ask others for money.
More than half of those within 10 years of retiring already worry about their finances.
A quarter fear they will not have enough to live on once they stop work.
Many pensioners believe they won't have enough money to retire with
Almost as many hope to fund their old age by downsizing and moving to cheaper areas.
People need a long-term plan
The report by insurer LV found that despite reforms to pension laws, most have still failed to seek professional advice.
Keith Richards, of the Personal Finance Society, said: “People need a long-term plan.”
A Department for Work and Pensions (DWP) spokesman said the “triple lock” policy, which guarantees the state pension is uprated by a certain amount, helps to protect people’s incomes in later life.
Many admit to not having a pension plan
One measure to counter the insufficient funds is to downsize their property
He continued: “People can also apply for Pension Credit, which tops up their other income and provides additional security in retirement.
“People over 50 with a defined contribution pension can get free and impartial guidance from our Pension Wise service.”