One in five adults (20%) who have retired in the last five years have admitted to struggling to cope with retirement and many more are heading for a “cliff edge” post-work, according to figures from a major UK-wide survey of over 2,000 people, published today.

The latest rise in inflation is a “hammer blow” for retirees and leaves UK households with an annual £20.2bn shortfall to maintain the standard of living, Retirement Advantage claims.

Employers have been urged by the Government not to overlook hiring staff who are nearer retirement age.

This year’s retirees will have the highest income since 2008 following four consecutive years of increase in income.