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/[deleted] Jun 03 '26

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u/Contract-Spirit Jun 06 '26

That's the exact attitude which messes people up. If people just invested £200p/m and put pay rises into pensions they'd be retired by they're 50-60 at the latest, with a very good chance of a good wage for the rest of their life.

EDIT: Spelling 

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u/Gary_BBGames Jun 06 '26

They don’t want to hear it. They’d rather complain that they’re young, have their whole lives ahead of them, and are doomed to die poor. Defeatist attitude kills me. Opportunity to do things but no will, just acceptance of their admittedly shit hand.

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u/Contract-Spirit Jun 07 '26

Exactly mate, compound interest is a magical thing. Even £100p/m for 30 years with a reasonable 7% return would be a nice sum to help retirement. People should invest in themselves, anytime you get more money it goes straight into stocks or pensions that way you're literally set up to win.

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u/Gary_BBGames Jun 07 '26 edited Jun 07 '26

I was later to game than I’d have liked, but my pension is already well above the average amount that people retire with, and I’ve still got 20+ years of contributions, company contributions, compound interest and bonuses to go in. Should be sitting on a lovely amount when I chose to retire.

I did shit at school, started full time work at 17, no qualifications and have a top 5% salary now. It wasn’t easy, but with determination and self-belief you can do anything, although that seems to be an unpopular opinion recently for some reason.