One in 10 people retiring during 2009 expects to have less than £10,000 a year to live on, a survey has shown.
Around 11% of people who plan to give up work this year say their pension will be less than £10,000 per annum, according to insurer Prudential.
The average person who is due to retire during 2009 expects to have an annual income of £17,779 from pensions and investments - £884 less than people retiring last year expected to have, and nearly a third less than the current level of average earnings.
Unsurprisingly, 61% of people did not think they would have enough money to enjoy a comfortable retirement, while just 47% said they felt they were well prepared financially for when they gave up work.
Keith Haggart, director of lifetime mortgages at Prudential, said: "The global economic recession is relentless and indiscriminate in its impact and it was only a matter of time before we began to see British pensioners bear the brunt."
Research Plus questioned 1,000 people during November.
