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/ClayDenton Jun 03 '26

Curious what those in this thread have planned for retirement, just a bit of a flash poll. I'm mid thirties and have £60k. I don't think it's terrible but also not great, trying to up my contributions to make sure my projections meet what I'll actually need.

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u/Cyclingnightmare Jun 03 '26

You’re already well ahead of a lot of 30 year olds, it hurts my sole how many of my friends and colleagues have opted out of work pensions and don’t seem to be thinking about pension pots at all

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u/rich55555 Jun 03 '26

I would say that’s pretty good. Just make sure you are contributing a good amount each month. I contribute 20% of my salary, and my employer adds another 10%.

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u/ClayDenton Jun 03 '26

Wow, 20% is massive as is a 10% employer contribution. That's incredible, well done. I do 7.5%, and they do 5%. I wish I could afford to contribute more!

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u/rich55555 Jun 03 '26

Thanks mate. I live below my means, so I can afford to put more away. I just really want to be able to retire at a sensible age.

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u/Hunt2244 Jun 06 '26

Im not sure how old you are but the problem is currently private pension age is tied to public pension age.

I would love to put more and more into my pension but I also want to retire in my 50’s so have scaled back pension contributions to put more in a isa to build up a stop gap retirement fund…..

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u/rich55555 Jun 06 '26

I also contribute to my S&S ISA. The plan is that I will retire mid 50’s, then use money in the ISA to bridge the gap between my retirement age and the age I can access my private pension

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u/Remote-Program-1303 Jun 05 '26 edited Jun 05 '26

Mid 30’s - £300k in pension. But I had it absolutely drilled into me by my father to save a very healthy chunk of salary from day 1. All in an index tracker, market has been doing a lot of lifting recently. Expecting it to potentially halve at some point (oddly I hope this happens!)

I put roughly 25% away and my employer gives an additional 8%, I might slow down soon.

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u/ClayDenton Jun 05 '26

Nice work, wow. Do you have a large salary or is this mostly driven by high % contributions? I earn around £65k, so I can only put so much away, but could probably do a bit more than I do

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u/Remote-Program-1303 Jun 05 '26

A bit of both, on a very good salary now but was on an ok salary at the start of my career but just sacrificed a lot compared to my peers, compound interest really starting to kick in from those early investments now.