OVER one million people face a shortfall of £2,858 in retirement, experts have warned.

Anyone who has just the state pension to live off would run out of cash today, according to the Pensions and Lifetime Savings Association (PLSA),

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A single pensioner needs an annual income of £14,400 to meet the what the PLSA calls a “minimum” standard of living.

It aims to cover all of a retiree’s basic needs as well as to have a small amount left over for leisure.

But the new state pension is currently worth just £11,542 annually.

That means that those without extra savings would exhaust their income by October 18, which the PLSA has branded “State Pension Shortfall Day” .

Around 1.2million retirees will need to contribute an extra £2,858 from a private pension or other savings to bridge the gap.

Pensioners aiming for “moderate” or “comfortable” retirement need more savings to cover annual expenditures of £19,758 and £31,558 a year respectively. 

A moderate retirement is considered slightly more extravagant, while a comfortable one includes extra cash for multiple holidays abroad.

It means those relying solely on the full new state pension would run out of money even earlier in the year if their spending aligned with these higher standards.

The PLSA updates its retirement living standards each year to consider the rising cost of living.

They’re designed to help savers determine how much cash they’ll need when they stop working.

They don’t count mortgage payments or rent or any financial support you give your children or other dependents.

If you think you’ll still have those costs to meet when you retire, you’ll need to up your savings considerably.

Stephen Lowe, group communications director at retirement specialist Just Group, said: “At a time when government support for retirees’ finances is under scrutiny, State Pension Shortfall Day marks the day in the year when a pensioner living to a ‘minimum’ standard would theoretically run out of money if their only source of retirement income were the state pension.

“Despite two successive, significant increases, the full new state pension still falls nearly £3,000 a year short of meeting the ‘minimum’ of the PLSA’s Retirement Living Standards and is nearly £20,000 lower than the income required to support a ‘moderate’ standard of living.”

THE ‘MINIMUM’ RETIREMENT

The PLSA’s minimum retirement living standard covers all of a retiree’s basic needs as well as having some money left over for fun.

It includes a week’s staycation each year, eating out once a month, and some affordable leisure activities twice a week – but no car.

The PLSA says to afford this retirement, you would need an annual budget of £14,400 as a single person and £22,400 as a couple. 

It’s important to remember that the state pension will make up part of that income. 

Retirees can start to claim the state pension at 66, though if you’re retiring after 2026, you’ll almost definitely see that minimum age rise.

Those claiming the full flat rate state pension now receive £221.20 a week, equal to £11,542 a year.

However, not everyone qualifies for the full amount.

If you had gaps during your working year, you may have paid less national insurance and would receive a smaller state pension to reflect that.

However, millions of retirees can still top up their national insurance contributions.

THE ‘MODERATE’ RETIREMENT

For a slightly more extravagant retirement, an individual will need an income of £31,300 a year or £43,100 for a couple.

The moderate retirement living standard includes a two-week holiday in Europe each year and eating out a few times a month. 

Around half of single employees are estimated to be on track to achieve a minimum or moderate retirement, with couples more likely to be at the top end of this range.

THE ‘COMFORTABLE’ RETIREMENT

To live comfortably in retirement, the PLSA said an individual would need an income of £43,100 a year, and a couple would need £59,000 between them. 

This includes a three-week holiday, plenty of money to spend on clothing and more on social activities such as birthdays. 

It would also be enough to cover several UK minibreaks a year.

Business & FinanceHealth

Market Impact

CVS has been discussing various options – including how such a split would work – with its financial advisers in recent weeks, sources told Reuters. The latest discussions come as CVS faces increasing pressure from investors such as Glenview Capital, which is said to be pushing for changes at the company to help improve its operations after it cut its 2024 earnings outlook for a third consecutive quarter in August.

SHOPPERS are racing to get their hands on Christmas stationary perfect for stocking filler from The Works – and items start from just £1.

A thrifty shopper took to Facebook group Extreme Couponing and Bargains UK to share the bargains.

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The post read: “The Works Christmas items from £1 – in store and online”.

Along with the post was a picture showing four different items from the range – including a bouncing putty for £1.50 and a pack of festive rubbers for just £1.

Festive item also include a glow in the dark squishy for just £2 and a light up yoyo for £1.

Delighted Facebook users planned trips to the discount retailer to nab the affordable stocking filler.

One wrote: “The elf’s first little gifts”, while another wrote: “cute for stockings”.

A different account commented: “Some good little bits for my Christmas Eve box”, and one was particularly keen on “the cute rubbers”.

And one thanked the original poster for sharing the bargain: “Thank you Just got these for my kids as stocking fillers.”

The Works describes its light up yoyo as a “bright and colourful flashing festive themed yoyo that is sure to provide hours of fun for both children and adults.”

Its pack of five 3D rubbers are shaped like Christmas trees, snowmen, and gifts.

And the “soft and stretchy” Christmas bouncing putty is “perfect for moulding, squishing, and bouncing into fun shapes”.

Last but not least is the glow in the dark squishy which for £2, offers some festive excitement for tots across the country.

Head to The Works’ website to check out their full Christmas range so far.

It comes just months after the budget kids retailer was flogging a set of football-themed stationery from just a pound.

The Extreme Couponing and Bargains UK Facebook group shared the bargain deal stating: “Football Stationery From £1 At The Works.”

Parents were quick to rush to the comments and share the deal.

One mum said on social: “Look at these!”

A second commented: “Fold out stationery set online.”A

nother pointed out the bits could be perfect for Christmas and posted: “Stocking fillers!”

A fourth wrote: “Need to go in, footy things!”

While a fifth said: “Love it all!”

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Photo by Secrets Moche

The Riviera Maya, renowned for its pristine beaches, vibrant culture, and luxurious resorts, has a new gem in its crown – Secrets Moxché Playa del Carmen. This adults-only haven, located just a short drive from the bustling Quinta Avenida, offers a sophisticated and indulgent escape where every detail is meticulously crafted to pamper and delight. From the moment you arrive, you’ll be enveloped in an atmosphere of refined elegance, where lush tropical gardens, shimmering pools, and the mesmerizing turquoise waters of the Caribbean Sea create an idyllic backdrop for an unforgettable vacation.

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One of the most remarkable aspects of Secrets Moxché is its exceptional dining scene. With over a dozen restaurants and bars, guests can embark on a global culinary journey without ever leaving the resort. Whether you’re craving authentic Italian cuisine, the vibrant flavors of Mexico, or you’re feeling like having a small snack or Asian food, Secrets Moxché has something to satisfy every palate.

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No matter your preference, you’ll find an array of delectable options to choose from, whether you’re in the mood for a casual beachside lunch or a romantic candlelit dinner.

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And with unlimited top-shelf spirits, natural fruit juices, and soft drinks included, you can raise a toast to your dream vacation at any time.

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Beyond its culinary excellence, Secrets Moxché boasts an impressive array of amenities designed to enhance your stay and provide the ultimate relaxation and rejuvenation.

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Unwind in the world-class spa, where a menu of rejuvenating treatments will leave you feeling refreshed and revitalized. Indulge in a massage, facial, or body wrap, and let the expert therapists melt away your stress and tension. Stay active during your vacation with a state-of-the-art fitness center, equipped with cardio machines, weights, and everything you need to maintain your workout routine.

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Whether you need assistance with booking excursions, arranging transportation, or simply have a question, the 24-hour room and concierge services are always available to cater to your every need.

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Secrets Moxché isn’t just a haven for romantic getaways; it’s also an idyllic setting for a dream wedding. With its breathtaking beachfront location, elegant venues, and dedicated wedding planners, the resort offers everything you need to create a truly unforgettable celebration. Choose from a variety of customizable wedding packages, each designed to cater to your unique vision and preferences. Whether you envision an intimate ceremony on the beach or a grand reception in a luxurious ballroom, Secrets Moxché will ensure your special day is nothing short of perfect.

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For those seeking an extra touch of exclusivity, the Preferred Club offers a range of enhanced amenities and services to elevate your stay even further.

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Enjoy access to a private lounge with premium drinks and snacks, perfect for relaxing and socializing with other Preferred Club guests. A dedicated concierge will be available to assist you with all your needs, from booking dinner reservations to arranging special experiences.

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Secrets Moxché provides the perfect setting for a romantic getaway or a relaxing escape. Whether you’re seeking adventure, rejuvenation, or simply a chance to unwind and reconnect with your loved one, this luxurious resort has everything you need to create lasting memories.

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With its stunning location, exceptional dining, world-class amenities, and unparalleled service, Secrets Moxché promises an unforgettable experience that will exceed your expectations.

Fraud cases have risen by 16% with con artists stealing more than £3m a day, according to figures from the banking industry.

Criminals have particularly targeted victims by tricking them out of their one-time passcodes, trade body UK Finance said.

Despite the increase in reported cases, total losses have fallen slightly – totalling £572m in the first half of the year.

Banks said that fraud posed a “major threat” to the UK and called for support in tackling the crime.

The figures come after BBC Panorama revealed earlier this week a stream of cases involving e-money firm Revolut.

One victim told of how he lost £165,000 from his business account within an hour. Revolut said it had “robust controls” in place.

Changing tactics by fraudsters have seen cases rise in the first six months of this year, compared with the same period last year.

Unauthorised payments rose sharply, with losses up 5%, driven in part by fraudsters circumventing protection systems.

When a customer makes a payment online, they are often sent a one-time passcode to verify the transaction.

Fraudsters have found ways to trick people into telling them these codes, in order to steal money.

However, the latest data shows there were relatively large falls in romance and investment scams.

This may have been the result of the promise of stricter rules regarding so-called authorised push payment (APP) fraud prevention.

When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson, or by selling goods that do not exist, this is known as APP fraud.

New mandatory rules took effect on 7 October which will see UK banks refund APP fraud victims up to £85,000 within five days.

Before the compulsory rules came in, most banks had signed up to a voluntary reimbursement code.

There were 97,344 cases of APP fraud in the first half of the year, with total losses of £214m.

“Fraud continues to pose a major threat in this country,” said Ben Donaldson, managing director of economic crime at UK Finance.

“In addition to the financial impact, this crime can cause severe psychological harm to victims.

“This isn’t a fight we will win alone.”

On Sunday, Charlie Nunn, chief executive of Lloyds Banking Group, accused Meta, the tech giant which owns social media platforms Facebook and Instagram, of “enabling” people to be contacted by fraudsters running online scams.

Meta said in response that its “pilot Fraud Intelligence Reciprocal Exchange programme (FIRE)” was designed to enable banks to “share information so we can work together to protect people using our respective services”.

WATER giants want to flush out even more cash from hard-pressed customers by adding another £100 to bills over five years.

The biggest suppliers in England and Wales say they need price rises above the levels they have already asked for, despite the regulator telling them that even those amounts were too high.

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In July, Ofwat said bills could go up by an average of £94 in the period up to 2030 — a 21 per cent hike, typically working out at an extra £19 a year.

But most companies have now submitted new plans, saying they need to cover urgent investment to cut sewage spills and combat leaky pipes, as well as higher debt interest costs.

It emerged as one provider, United Utilities, was yesterday accused of failing to report more than 100million litres of raw sewage being illegally dumped into Lake Windermere over a three-year period.

Southern Water has already asked to lift bills by 72 per cent from £420.35 a year to £627 a year. Ofwat said in July this should be limited to 44 per cent, but now bosses want more.

Troubled Thames Water says it needs to raise bills by 59 per cent to survive, but Ofwat wants a limit of 23 per cent.

Thames creditors argue that unless Ofwat approves the bigger rise, investors will desert the business and it could run out of cash by the New Year.

They say that could create a domino effect, causing an overall lack of appetite to invest in UK infrastructure.

Family’s back at N Brown

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THE fashion group behind Jacamo, JD Williams and Simply Be is being taken private in a £191million deal by the family that built the business up 60 years ago.

Joshua Alliance is to pay 40p per share for the 40 per cent of the N Brown Group that his family does not already own.

Mike Ashley’s Frasers Group has 20 per cent and will make a sizeable profit after upping its stake in February when the shares were sitting at only 18p.

The stock price of N Brown, which recently called on TV’s Denise van Outen to front JD Williams adverts, jumped by 45 per cent yesterday on the back of the bid.

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Mr Alliance, 35, has a 6.6 per cent stake while his father, 92-year-old Lord David Alliance, who bought the business in 1963, has 53.4 per cent.

Lord David was once known as the King of British Textile for his empire that included Coats Viyella.

 He started his career working in bazaars in Iran before moving to Manchester to work in the rag trade.

Joshua Alliance said N Brown would be better off in private hands because, due to its current shareholder ownership, it is “not benefiting from being listed on the AIM market — whilst having to bear significant costs associated with its listing”.

He said: “In the business’s current cycle of evolution, we will be able to achieve this growth potential more successfully away from the public markets.”

Taking a break in revenue

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KITKAT maker Nestle has halved its growth expectations for the year after blaming weaker demand and boycotts linked to the conflict in the Middle East.

The world’s biggest food group said its sales would grow by around 2 per cent this year, rather than the 4 per cent expectation it had at the start of the year.

It said its growth was impacted by “soft consumer demand and consumer hesitancy towards global brands, linked to geopolitical tension”.

 The cost of living crisis has also prompted many shoppers to turn their back on many big brands, which have raised prices and shrunk packets to boost their profits.

The Swiss food giant follows global giants Starbucks and McDonald’s in being impacted by boycotts linked to the conflict in Gaza.

Nestle has become a target for the boycott due to its stake in Israeli food seller Osem.

Buy now, pay safer

SHOPPERS will be protected by new rules around “Buy Now, Pay Later” firms, the City watchdog has confirmed.

Regulation around BNPL products, such as Klarna and Clearpay, will finally kick in by early 2026, the Financial Conduct Authority has said.

Proposals to regulate BNPL were first touted in 2021. The new rules will mean firms must follow the same laws covering credit cards and customers will be protected if things go wrong.

30 fired at Meta

FACEBOOK’S Mark Zuckerberg has fired almost 30 workers on six-figure salaries for using meal credits to buy goods such as wine glasses.

Staff at Meta, the owner of Facebook and Instagram, were being paid £300,000 but still received perks including free meal vouchers to buy breakfast, lunch and dinner.

A probe found the sacked workers had used them to buy toothpaste and cosmetics.

Meta, worth £1.1trillion, has led an efficiency drive which has included 21,000 lay-offs in the past two years.

THE boss of Ladbrokes owner Entain has lifted its profit forecasts after a boost from the recent Euros and NFL matches. But Gavin Isaacs yesterday also warned the Government that a tax grab on the gambling ­sector would lead to job losses.

£571M in scams

BRITS had more than £571million stolen by fraudsters and scammers in the first six months of the year.

There were almost 2,000 cases of romance scams, with customers losing £14.5million, says UK Finance data.

Criminals posing as bank staff or police stole £32.3million, while fraudsters pretending to be bosses to trick victims into transferring cash led to a £7.8million loss.

Banks are calling on social media firms to help tackle scammers at source because most fraud starts online.