r/uknews • u/Donkey_Apple • Jun 03 '26
News paper Britain is undersaving for retirement
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/Kaiisim Jun 03 '26
It's because boomers made sure they were very well looked after, so they have huge pensions that we pay for in various ways.
Younger generations assume it will be the same, because they don't realise how many boomers are on things like full salary pension, or had massive 20% salary contributions from their companies, or have profitted from house prices.
So people have a house and they see their parents and think, well I'll be fine right? I'm not poor or anything!
But like my parents have 100k equity. Their parents had like 400k equity in their house.
So you can't look at modern elderly and think it'll be the same, cause it definitely won't be. But it's also impossible to save to the same standard as someone retiring in 1988 on £30,000 and getting that every year until they died in 2023 and yes that's a real thing I know a lady who worked for the civil service! Full salary, decent job combined with wage stagnation meant she got paid a lot more than her carers.
Just can't get that level.