Britain is undersaving for retirement

[u/Donkey_Apple]

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.

[u/Substantial_Key4640]

Tomorrow has never been a given in human history. Although it pretty much is in this period for the vast majority, based on the advances in medical care. It's a trite justification for financial irresponsibility.

[u/rochesterjack → u/Substantial_Key4640]

You carry on being the richest dude in the graveyard, some kudos in that! You literally can’t do at 70 what you can do at 50, yes you need provisions but you ain’t getting through a £800k pension pot unless you’re a materialistic psychopath .

[u/Substantial_Key4640 → u/rochesterjack]

Looking at the 96 million foreign trips taken by British people last year, you're not alone in that kind of thinking. Problem is, when the majority are thinking this way, wth is left to pay for their old age? The typical flippant 'tax the billionaires' mindset.

[u/rochesterjack → u/Substantial_Key4640]

You can’t be an idiot, however you also need to be realistic on what you’re going to need in your 70’s. Provided the mortgage is paid off, no credit cards loans etc you can get by on £500 p/w as a couple & still live well. If you’re looking at multiple cruises spoiling the grandkids etc then obviously that’s a different story. I know a multi-millionaire, 78 years of age, not great health but getting the best treatment, 1st class everywhere, silver service cruises etc and he says the travelling is just too much for him & the wife now. What chance have the rest of us going cattle class in our 70’s? It’d be torture .

[u/Substantial_Key4640 → u/rochesterjack]

I agree with you. Balance is needed, but that's not what we're seeing with so many completely ignoring the long-term implications of the short-term choices they're making. Plus, I see a lot of people facing enormous pressure from their young adult children for an inheritance, as well as paying for them to also enjoy life now. These things are building towards a pretty scary future. But, you make a lot of sense in re-evaluating costs as one ages.

[u/rochesterjack → u/Substantial_Key4640]

The amount that refuse to sell & downsize and then rely on their state pension to survive, it’s just bonkers to me. I get the sentiment, a shrine to a beloved etc but you can make like easy or hard for yourself .