OAP-less case

A new report has revealed that 50% of retirees quickly realise that they can’t afford to stop working.

The report warns that many of Britain's newly retired find themselves forced into desperate measures.

These include returning immediately to work, getting a part-time job, or getting cash out of their property by either downsizing, moving to another area, or taking out an equity release product which gives them money from their home.

The study, made by pensions company Scottish Widows among more than 2,000 adults, found that half of the retirees fear a ‘funding gap’ when they finished their working lives.

Ian Naismith, a savings expert at the firm said: 'Many people underestimate how much money they will need when they retire to have the lifestyle they are accustomed to.'

Official figures show that the average full-time worker aged 60 or above, earns an annual salary of £23,565. The State pension in comparison brings in just £5,078 a year - £97.65 a week.

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