This could prompt those planning to retire early to reconsider if they wish to avoid a grim retirement, Saga has said.

Saga has conducted the first in several studies that aim to examine exactly who the UK’s retirees are, where they are living and how they are funding it.

Commenting on the predicament of tomorrow’s retirees, Andrew Goodsell, chief executive of Saga Group Ltd, said that the experience of those enjoying their retirement should act as an example to those approaching this stage in their life.

He added: “It is not too late for people nearing, or those who have recently stopped working to make a few sound choices to ensure they can live that ‘retirement dream’.”

In related news, Prudential recently released figures that show that on average women retire on £11,291.

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