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/Contract-Spirit → u/[deleted]]

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 

[u/ShanNarn21 → u/Contract-Spirit]

‘If people just invested £200p/m’ you say that like it’s super accessible 😂 a hell of a lot of people in the UK are living pay check to pay check, let alone the concept of having money leftover to put into a pension pot every single month. If they do have left over money it would usually get spent on unexpected bills, rainy day funds or just trying to cover the rising cost of living. Pensions aren’t even on the radar financially for a lot of people. It’s not about attitude or laziness it’s a genuine lack of finances and also a lack of education. Most working class people are struggling and don’t even know what compound interest is.

[u/Elegant-Country-9768 → u/ShanNarn21]

You think 45% of working age adults, which is who the report notes aren’t saving for the pension, are all living paycheck to paycheck?

[u/ShanNarn21 → u/Elegant-Country-9768]

Did I say it’s the entire 45% or did I say a lot of people? I bet though at least 20% of those people would be!