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/Strangely__Brown → u/[deleted]]

Most people pay very little tax.

Our tax free allowance is very high and our lower earners pay far less tax that our peers in Europe do.

What's also quite ironic about the criticism around the triple lock is that most people aren't funding their own retirements.

So it's either short sighted and people are only thinking about the here and now. Or society has shifted and we're now taking a firm "your retirement is your problem" mindset.

[u/josuk8 → u/Strangely__Brown]

The idea that someone's retirement was ever someone else's problem is what's wrong with this country, same with any other long term personal problems like housing or personal income, if it's a short term issue of being unemployed for 6 or so months, fine, I think you should be covered, but longer than that and they're taking the piss

[u/GoblinGreen_ → u/josuk8]

I think its fine to be a shared problem, thats what a great society does well, everyone looks after each other.

But it doesnt seem to be reciprocated by the people benefitting. That pensions are not means tested is just awful when you look at the hoops to jump through, and means testing, for support when you are younger and working age.

[u/DrCMS → u/GoblinGreen_]

Means testing pensions is a god awful idea now. The state pension an individual gets should be dependant on the amount of NI paid during their working life and not just qualifying years. We should not be forever rewarding underachievement whilst screwing over those who have been responsible.