A recent study 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 retired two-adult households who heavily depend on state pensions.
According to the Office for National Statistics (ONS), households that receive at least three-quarters of their total income from the state pension or similar pension-related state benefits are considered mainly reliant on these payments.
The current state pension falls short of providing a comfortable retirement lifestyle. To meet the minimum standard of living, Pension UK suggests that a single pensioner would need an annual income of around £13,400, which is significantly higher than the full new state pension amount of £230.25 per week.
David Cooper, director at Just Group, emphasized the necessity for retirees to bridge the income gap to achieve a decent standard of living. He highlighted the importance of checking eligibility for additional benefits that could significantly enhance retirement living standards.
The state pension undergoes annual adjustments in accordance with the triple lock system, ensuring increases in line with the highest of earnings growth, inflation, or a minimum of 2.5%. As of April 2026, the state pension will rise by 4.8%, with the full new state pension increasing from £230.25 to £241.30 per week.
Individuals currently retiring will receive the new state pension and typically require 35 years of National Insurance contributions to receive the full amount. It is essential for retirees to explore potential avenues for additional financial support to improve their retirement living standards.