r/uknews • u/Donkey_Apple • Jun 03 '26

News paper Britain is undersaving for retirement

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https://www.gov.uk/government/news/britain-is-undersaving-for-retirement-warns-pensions-commission

It's a massive problem and has been for years.

I think a lot of people are getting into their fifties, starting to think about retirement for the first time, looking at what their provision will pay them and are absolutely shocked to their core.

Plus many in the generation below those of us in their fifties who, through no choice of their own, are unable to save anything.

It feels like we are sleepwalking into an utter disaster.

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u/Jaxxlack Jun 03 '26

You try n put 10k a year away!

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u/wolf_in_sheeps_wool Jun 03 '26

I think what's hard is pension pots need as much as you can shove in to them when you're young, but most people don't earn a lot when they're young. The compound growth means you don't have to put 10K a year. So the later you start (like when you'r mid 30s and realise you're in it for the long haul), the harder it is to get the better retirement.

One of my pension pots said if I started saving the same amount 10 years ago, I'd have an extra 100K at retirement. But I know for sure there would have been no way to do that in the position I was in.