Over 50s 'having to work to supplement pensions'

More and more over 50s are finding they have to continue working during their retirement years due to insufficient pension provision, according to a new report.

Statistics published by Key Retirement Solutions have revealed that 17 per cent of retirees were still receiving income from earnings in 2007-08, compared to 12 per cent in 1997-98, with the figure rising to 29 per cent for married couples.

Analysis of the difference between pensioners' net and gross income, meanwhile, reveals a widening gap that suggests taxation on pensioners is also on the increase.

Dean Mirfin, group director for Key Retirement Solutions, said: "Pensioners are having to be more self-reliant. With falling retirement provision ahead we expect that the percentage of income coming from the state will fall further behind the cost of living."

Earlier this month, the independent Charity network Citizen's Advice expressed its concern that many older consumers are finding it difficult to gain access to impartial advice on money and may be struggling with their finances as a result.

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