Pension crisis means half of us won’t have enough for retirement

Oct. 6, 2024 - inews

The UK is facing a “pensions crisis” with the majority of savers expected to enter retirement with less income than they expect or need, experts are warning. Think tank Phoenix Insights has projected that between next year and 2060, more than half of retirees with a defined contribution pension will struggle financially.

The minimum retirement income standard is £14,400 per year for a single person and £22,400 per year for a couple, according to the Pensions and Lifetime Savings Association (PLSA). Separate findings from the think tank suggest millennials in particular are struggling to save for retirement.

Some 59 per cent said they are having problems saving for retirement and only 20 per cent said paying into their pension is a priority...