Can you survive on state pension alone?

New research by Partnership (taken by Opinionmatters) has revealed that the vast majority of people do not think they could survive of state pension alone. Just 13 per cent of 66-77 year-olds said they would be able to survive on state pension alone. The new flat-rate state pension equates to just under £8,000 per annum.

2000 over 45’s were also surveyed, with 38 percent saying that just “basic living” costs would not be covered by state pension.

Although for many, retirement can seem a long way off, what is most important is to have some idea of expectations in retirement. For some the state pension will be sufficient to meet their expectations but for others it is important to ensure adequate planning is in place to meet any potential shortfall.