New research from abrdn (formerly Standard Life) has found that when it comes to funding retirement, one in five (20%) of UK adults set to retire this year plan to use their State Pension as their main source of income.
This is despite the fact that the State Pension’s annual increase is currently running below inflation, meaning its value in real terms is declining at a time when recipients are struggling with a cost of living crisis.
Which means for someone retiring on the full New State Pension of £185.15 per week, the purchasing power of this money will be less.
