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Pensions UK Says Only 9% of Workers Are on Track for Comfortable Retirement
Pensions UK says 23% of workers are on track for a moderate retirement, while only 9% are set for a comfortable one.
- Pensions UK published updated 'retirement living standards', warning that most working people face a 'cliff-edge drop in income' when they retire. The trade body cautioned that few are on track for a comfortable retirement.
- The report, developed by the Centre for Research in Social Policy at Loughborough University, outlines three distinct lifestyle levels: minimum, moderate, and comfortable. A comfortable lifestyle for a couple costs £62,700 annually, while moderate costs £45,400.
- Data indicates just 23% of workers are on track for a moderate lifestyle, while around 82% are expected to reach minimum standards and less than 9% will enjoy a comfortable retirement. Housing costs are excluded from these figures.
- Zoe Alexander, executive director of policy and advocacy at Pensions UK, urged people to speak with employers about increasing contributions. She stated 'today's saving levels will not be enough for the retirement they expect.'
- Kirsty Ross, proposition director for Peoples Pension, noted that rising costs of essentials can cause long-term saving to slip down household priorities. The report encourages individuals to adjust standards for personal factors like housing.
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12 Articles
12 Articles
Coverage Details
Total News Sources12
Leaning Left2Leaning Right2Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 22%
C 56%
R 22%
Factuality
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