Poverty forces pensioners back to work

Almost
three million pensioners are going back to work because they cannot afford to
live on their retirement income, according to the Prudential.

The
insurance company’s Retirement Index shows that one in four retired people are
forced back into work because they cannot survive on the average household
income of £14,648.

Desperation
has reached a new high, with almost 250,000 pensioners saying they would commit
or consider committing a crime to make up their income, which falls by an
average of £4,164 when a person retires.

A
recent survey by Virgin Money showed that almost half of 16 to 24-year-olds
believe they will not save enough money to allow early retirement.

The
study said that 47 per cent believe they aren’t saving enough for later life,
with almost two-thirds claiming they are more concerned with ‘living for
today’.

By Michael Millar

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