Brits urged to consider 1 savings tip as £32,700 pension warning issued

Brits are being urged to plan ahead to avoid a State Pension pitfall. Those retiring this year on the full new State Pension will receive £241.30 a week, totalling £12,547 a year, representing a 4.8% increase applied in April.

But is that enough to live on? Statistics reported by financial advice company The Motley Fool show that in 1960, there were roughly six workers per pensioner, whereas in 2050, that's predicted to drop to 2.3 workers per pensioner.

This could lead to significant challenges due to the triple lock, which guarantees the State Pension rises the highest of inflation, wage growth, or 2.5% annually.

Mark Hartley of The Motley Fool said: "Reports suggest three-quarters of UK workers aren't on track for a moderate retirement income (£32,700 annually). If you're relying on the State Pension as your main retirement income, you might want to consider building an additional income stream.