Pensions 'crisis point' will occur in less than two decades, analysis suggests - with 2.7 million people retiring with less saved up than they need

Oct. 4, 2024 - Daily Mail

A pensions ‘crisis point’ in less than two decades will see 2.7 million people retiring with less saved up than they need, analysis suggests.

‘The years 2040 to 2044 represent a critical period when the highest number of undersavers will enter retirement,’ according to the analysis from savings and retirement group Phoenix. A pensions ‘crisis point’ in less than two decades will see 2.

7 million people retiring with less saved up than they need, analysis suggests (file image)‘The years 2040 to 2044 represent a critical period when the highest number of undersavers will enter retirement,’ according to the analysis from savings and retirement group Phoenix (file image)Your browser does not support iframes. The problems will start over the next five years with the majority of DC savers ending their working careers with less income than they need or expect, before building to a ‘crisis point’ in the 2040s.

Patrick Thomson, head of research analysis and policy at Phoenix Insights, said: ‘The analysis paints a bleak picture of future retirement incomes...