State Pension is 'not enough' and people have to use home to fund retirement

A Department for Work and Pensions State Pension fear has been revealed by a woman who is using her HOME to fund her retirement - because State Pension payments are "not enough". The DWP uplift in State Pension payments from the beginning of April is not enough, she claims.

The woman says she is relying on her house to fund retirement and said: "I’m scared I won’t ever stop working." Speaking to GB News, Amanda Jacomb, aged 53, said she fears the State Pension triple lock would have been abolished by the time she retires.

Jacomb, 53, said : “ I thought I could live on it but it was only after I started seeing the reports and newspaper articles about how small the state pension really is that I knew I couldn’t rely on it." She plans to use her three-bedroom house in south east London to fund her retirement.

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Ms Jacomb said: “All these people living longer worries me because what if you run out of money? By the time I get to retire whether it’s 66, 67, 68 etc, will they even have any money to give me? That’s why I can’t solely rely on state pension.

"Will the triple lock still be going in 10 - 15 years or will all the National Insurance I’ve paid throughout my life be a waste?" Becky O’Connor, Director of Public Affairs at PensionBee, said previously: “The 8.5 per cent state pension rise this week will come as a huge relief to the millions of retiree’s dependent on it to support them in retirement.

“While lower than last year’s increase, which saw the state pension increase by 10.1 per cent in line with inflation, many pensioners receiving a full state pension will now only require a small amount of extra income - from a personal or workplace pension, or from part-time earnings being dragged into the tax net.”

Dame Meg Hillier MP, Chair of the Public Accounts Committee, said previously: “Many pensioners have been left significantly out of pocket by up to thousands, while DWP has been asleep at the switch. We are now in a place where Parliament needs assurance that the State Pension is being paid accurately.

"We will be continuing to scrutinise this work closely, as it is essential for public confidence in the system that the Government fights fraud with unswerving determination, while ensuring legitimate claims remain undisrupted.”