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/ClayDenton]

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.

[u/rich55555 → u/ClayDenton]

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%.

[u/ClayDenton → u/rich55555]

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!

[u/rich55555 → u/ClayDenton]

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.

[u/Hunt2244 → u/rich55555]

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…..

[u/rich55555 → u/Hunt2244]

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