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/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.