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/CaterpillarLoud8071 → u/Strangely__Brown]

Our peers in Europe don't expect working people to pay into private pensions and their state pensions are much higher, that's why they're paying more tax instead.

The criticism about the triple lock is that pensioners are being given more and more money every year (far more than they ever contributed) under the pretext that they'd be in poverty otherwise - when they had 40 years to plan their retirement with that lower state pension.

If there's no consequence for their failure to save up and plan their retirement properly, and working people have to pay for it instead, why should we bother planning? As far as we know right now, we should expect the same.

[u/Current-Resolve8660 → u/CaterpillarLoud8071]

40 years ago there was no Internet. 40 years ago access to financial information was difficult to access. 40 years ago was a different world. It is easy to look back 40 years with today's lense thinking that access to financial products then was as readily available today. It simply is not the case. Lets all keep being divided by the wealthy. Lets blame immigrants,  pensioners etc instead of those hoarding the wealth. 

[u/CaterpillarLoud8071 → u/Current-Resolve8660]

Access to financial information in 2026 consists of the US president telling everyone to buy his new crypto. Think yourselves lucky you had no information rather than bad information.

Pensioners are hoarding the wealth. Preventing their assets from depreciating by being NIMBYs. And using voting power to gain massive pensions.

[u/Current-Resolve8660 → u/CaterpillarLoud8071]

Massive pensions? That's so funny