More than six million over-50s have no retirement savings, and will be forced to live on less than minimum wage

More than 6million Britons aged over 50 have no pension plan in place and look set to rely solely on the state pension in retirement, a new report has revealed. Currently 1.2 million pensioners live on just the state pension in their retirement, according to the LV= State of Retirement Report, and receive up to £5,890 a year less than the UK minimum wage.

  But this number relying on state support alone is forecast to spiral to rise to 6.25 million, as the over-50s cut back on their savings contributions, despite 43 per cent saying they couldn’t live on the minimum wage...Daily Mail