\n\t\t\t\t\tThere are a group of pensioners not earning enough to fund a minimal standard of retirement\u00a0\t\t\t\t\t <\/p>\n
Older retirees are over \u00a38,000 short of meeting their basic needs, as a result of lower state pension<\/a> payments, data shows.<\/p>\n A single pensioner would need <\/a>a pre-tax income of \u00a317,400 a year to achieve a minimum standard of living in retirement<\/a>, according to the Joseph Rowntree Foundation think-tank.<\/p>\n A minimum standard of living in the UK today includes how much you have for food, clothes and shelter \u2013 covering needs, not wants.<\/p>\n The full new state pension is \u00a311,973 a year for anyone who retired after 2016. Older pensioners<\/a> who retired before 2016 receive the basic state pension receive \u00a39,175.<\/p>\n Most of these retirees receive an earnings-related top-up, known as Serps \u2013 however around 1.5 million do not.<\/p>\n As a result, anyone qualifying for the full basic element of the old state pension would be left \u00a38,225 short of reaching the think-tank\u2019s living standard threshold.<\/p>\n The different types of state pension<\/p>\n There are two different state pensions, depending on when you reached state pension age.<\/p>\n They are:<\/p>\n The basic state pension.\u00a0If you\u2019re a man born before 6 April, 1951, or a woman born before 6 April, 1953, you\u2019ll get this. The full amount is worth \u00a3176.45\u00a0per week.<\/p>\n The new state pension. You\u2019ll get this if you were born on or after the above dates. The full amount is worth is \u00a3230.25 a week.<\/p>\n If you receive either of these two pensions, your payment will go up by the highest of inflation, average earnings growth or 2.5 per cent next year \u2013 known as the triple lock policy<\/a>.<\/p>\n What is Serps?<\/p>\n Some people on the basic state pension receive an \u201cadditional\u201d state pension, which is often called Serps (State Earnings-Related Pension Scheme) or state second pension \u2013 as these are names it was given between 1978 and 2016.<\/p>\n This is extra money you could get on top of your state pension, but the amount depends on multiple factors, including how many years you made national insurance <\/a>contributions (NICs).<\/p>\n For the \u201cadditional\u201d state pension, the triple lock does not apply, so the rule is that this goes up by inflation each year.<\/p>\n This means that overall, your pension may increase by slightly less than other pensioners.<\/p>\n Just over 6.9 million people are drawing money from Serps, the latest set of data from the government shows.<\/p>\n What can people do to boost their income?<\/p>\n