A new survey has shown that those people retiring in 2008 could find themselves living on around £5,000 a year less than the average working adult.
The Prudential Class of 2008 is a survey of UK adults due to retire this year and it shows an average annual income of around £18,663 for a UK adult in retirement, some £5,000 less than the average working wage.
Gary Shaughnessy, managing director of Prudential Retail Life & Pensions, said: "These figures confirm the UK's pension crisis is far from over and those retiring this year will have to survive on considerably less money than the average UK adult."
The figures also show that just 46 per cent of respondents retiring in 2008 thought their pension would provide them with a comfortable lifestyle, with only 24 per cent saying they had sought professional advice regarding their retirement.
Mr Shaughnessy stressed that is "absolutely critical" that people approaching retirement seek independent financial advice.
Prudential is an international retail financial services group that aims to promote the financial well-being of customers and their families, with a focus on saving for retirement and security in retirement.
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