Britons ‘incapable’ of funding retirement on state pension alone

Experts have warned a reliance on the state pension is not a sensible move for those in later life. The potential shortcomings of the state pension have been highlighted as an issue facing millions of people right across the country.Industry specialists warn people are ‘incapable of funding a comfortable retirement using the state pension alone’.The matter has been highlighted by Wealthify, with the organisation undertaking its own research.It suggested more younger people are becoming financially savvy in the bid to make sure they are not reliant upon the state pension in retirement.Only 30 percent of 18 to 34 year olds plan to fund their retirement through the state pension, new research by the investment service has found.READ MORE: Inheritance tax warning as thousands at risk of unexpected bill State pension warning as Britons ‘incapable’ of funding retirement on £185.15 per week (Image: Getty)This is compared to the 75 percent of those aged 55 and over who said they would be relying on the state pension.State pension payments can vary according to the amount of National Insurance contributions a person makes throughout their life.However, the current full new state pension is worth £185.15 per week.Some people may get less than this if they were contracted out before April 6, 2016.DON’T MISSState pension – You may not get a full sum – check now [INSIGHT]Pensioner cruelly scammed for £10,000 in devious attack [WARNING]Twickenham named top UK town for Britons to retire in [LATEST] State Pension UK: What is State Pension? (Image: EXPRESS)What is happening where you live? Find out by adding your postcode or visit InYourArea He added: ‘With the state pension age continuing to rise, and the average young person aiming to retire around eight years early, the sooner they take control of their pensions the better. ‘This can be as easy as consolidating the pensions they already have and using a pension calculator to work out what they need to do in order to reach their retirement goals. ‘In the midst of a cost-of-living crisis, we understand that saving more into a pension might not be realistic at a time when you’re focusing on the here and now. So, do whatever feels right to you. ‘There are many other ways to get your pension on track.’You could search for your lost pensions, consolidate, or review the risk level of your investments to make sure you’re taking a higher risk in your younger years.’