A recent research by Prudential found that 38 percent of the respondents are living on retirement income harder than they had expected, with the average individual income falling short by £6,200 from the £22,000 they said they would require to live a comfortable retirement life.
Amongst the 1,001 respondents, those who found it difficult to make ends meet found alternate ways to boost their income, with 5 percent selling assets to raise money, 6 percent releasing home equity, 12 percent downsizing their property and 17 percent of retirees continuing to work part-time.
However, despite the gloomy situation most Brits maintained a positive outlook with 70 percent saying they enjoyed retirement and another 25 percent were willing to spend extra money while they still could.
The survey found that almost half of the respondents have spent some of their pension pot on home improvement while one in three has spent it on regular travel and holidays.
An additional 13 percent said they have spent a substantial amount of their pension income for their families.
While some pensioners could draw on a range of assets and savings to boost retirement income, the other simply carried on with less than what they would like, said Vince Smith-Hughes, head of business development at Prudential.
“Recent returns on property and equity investments have been uncertain and we therefore strongly encourage people who are currently saving for retirement to seek financial advice to ensure they have an appropriate range of savings in place”, said Smith-Hughes.
“As people are living longer and need to fund more years in retirement, it is increasingly important to seek advice from professionals and put by as much as possible, as early as possible”, he advised.