1.4 million retire on less than £5,000

In its latest Retirement Index, research reveals after council tax, water and electricity bills have been paid, 14% of pensioners survive on £3,092 a year, equivalent to just £8.49 a day. Prudential says the survey of almost 600 pensioners highlights the need for people to save for the future rather than relying on the basic state pension which currently only provides £4,381 a year. The index, which is published around every six months to monitor pensioner income, highlights ways in which people have cut back spending and supplemented their income. While 1.4 million of pensioners have...