Most of the retirees have said they would not be able to survive on the state pension alone, and many are already reporting difficulties paying their bills.
Currently the full new state pension is £221.20 per week, but this is expected to rise to £230.05 in April under the triple lock. For those on the basic state pensionthey will see their payments rise from £169.50 per week to £176.30.
But polling by the elderly charity Independent Age shows that nine in ten people aged 65 and over say they cannot rely solely on this money to live on.
The vast majority (85 percent) of this group said they would not be able to provide essentials such as food, water and electricity if they had no other source of income.
It comes as vulnerable pensioners across the country prepare for another long winter, made worse by winter lack of winter fuel surcharge this year.
In July, Rachel Reeves announced she would trial the benefit, worth £200 to £300. About 780,000 pensioners will lose money as a result.
Campaigners worry about the impossible choices many will have to make as a result, including heating or eating, and other sacrifices that could be dangerous to their health.
Speaking to the charity, some affected elderly people told how difficult, stressful and exhausting the reality is of surviving on the state pension alone.
Melanie, 71, said: “I take a bath once a month and use wash water and bath water to flush the toilet to keep costs down.”
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Michael, 77, said: “Less heating, less food, I can’t afford to go out, not even for a coffee. It’s depressing.”
Others, including women, people from racial minority groups, people with long-term conditions and disabilities and single people, feel that the struggle for them is being exacerbated.
A woman in her late 60s, who did not want to be named, said: ‘As a woman, I was never paid the same wages as the men I worked with, even though I trained some of them. I couldn’t afford to save.”
Under the triple lock, the state pension will increase each April, depending on what the highest average wage growth is between May and the previous July. CPI inflationor 2.5 percent.
This time, total wages were the highest, with an annual increase of 4.1 percent, much higher than inflation.
In total, pensioners on the new state pension will get £460 more each year from April, and those on a basic pension will receive £353.60.
But Sir Steve Webb, former Pensions Secretary and partner at pensions consultants LCP, said the new state pension would have to rise by just over £250 just to keep up with inflation.
As a result, only around £210 represents a real increase, “and that doesn’t take into account the income tax that most pensioners will pay on the increase in their state pension”.
He said: “Those who lose £200 or £300 in winter fuel payments will therefore still be worse off in real terms next April.”
For retirees with a low income and without huge savings, it may be possible to claim a supplement, the so-called pension credit.
This could be worth thousands of pounds a year and is a gateway to other financial support such as lower council tax or help with NHS costs, but more than 800,000 eligible pensioners are not claiming it.
Joanna Elson, CEO of Independent Age, said: “It is vital that tackling poverty in later life is a top priority for the UK Government.
“We all hope to have an adequate income as we grow older, yet many older people live in financial difficulties and struggle to afford even the bare necessities, let alone have a decent quality of life.
“As we approach winter and energy bills continue to rise, the UK Government must take urgent action. The UK Government must not only ensure that everyone living on a low income in later life gets all the money they are entitled to through the welfare system, but also take a more holistic approach to addressing the inadequacy of the incomes of many older people to tackle.”
A spokesperson for the Department for Work and Pensions (DWP) said: “We are committed to supporting pensioners – with millions set to see their state pension increase by up to £1,700 this parliament through our commitment to the triple lock.
“We will ensure that tomorrow’s pensioners have the dignity and security they deserve in retirement as we deliver our historic pension review to boost investment, increase pension benefits and tackle waste in the pension system. ”
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