Many retirees may find they need to make adjustments to their lifestyle in order to match their new level of income, according to Age Concern.
The charity stated that retirees often struggle to maintain the same standard of living they had when they were earning a wage.
This is true even for those retirees on a good pension, Age Concern warned.
A spokesperson stated: “The reality of retirement can fall short of people’s expectations and it’s common for people to discover that their retirement income isn’t nearly enough to maintain their current standard of living.”
And many retirees to return to work after retiring initially as they realise they need to boost their income, the spokesperson added.
However, many Britons are reducing pension and insurance payments during the economic downturn as they struggle to control their debt management, uSwitch.com revealed recently.
By Rosie Park