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Future retirees expect 'life of poverty'

Many Britons are expecting to live on an inadequate income when they retire, the Fair Investment Company has claimed.

One third of people polled by the firm said that they expected a "comfortable" income as a pensioner - and 26 per cent said that they expect to live through careful budgeting.

However, one in five admitted that they fear that they might lead a "life of poverty" past the age of 65 - leaving themselves open to debt problems.

Director at the Fair Investment Company James Caldwell added that current financial conditions could also have a deletrious effect on the national pension pot.

"Many people are feeling the effects of the credit crunch, with rising food and energy prices and soaring mortgage repayments," he said.

"As a result, they have less available money to stash away for the future in savings and pensions, which explains why some people have no idea how they will manage once they stop working."

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