A recent study conducted by retirement specialist Just Group has uncovered the significant reliance of over 1.2 million individuals on the state pension as their primary source of retirement income. This includes approximately 740,000 single retirees and 500,000 households with two adults.

These households are classified by the Office for National Statistics (ONS) as those where at least three-quarters of the total income comes from the state pension or similar pension-related state benefits.

Despite its importance, the state pension falls short of meeting the recommended standard for a comfortable retirement. According to the Retirement Living Standards set by Pension UK, a single pensioner should aim for an annual income of around £13,400 to achieve a basic living standard.

The current full state pension amounts to £230.25 per week, leaving a shortfall of £1,427 annually to meet the minimum living standard in retirement. David Cooper, director at Just Group, emphasized the need for additional support for these retirees to bridge the income gap and improve their living standards.

To help alleviate financial strain, individuals are encouraged to explore potential eligibility for additional benefits that could significantly enhance their retirement lifestyle. It is important to note that the state pension increases annually under the triple lock system, ensuring adjustments in line with wage growth to support retirees.

For those planning to retire soon, it is essential to have accrued 35 years of National Insurance contributions to qualify for the full new state pension benefits.