39% of people ‘not on track to afford even a minimum lifestyle when they retire’ | ITV News

Kinda makes me wonder if we’ll start seeing destitute pensioners commit crimes just so they’ll receive the basics in prison, just like in Japan.

almost as if, all these parties keep selling is hate and distributed idealism. Rather than hope and helping each other.

And Rachael reeves wants to disadvantage DC pensions by forcing larger percentages to be invested in the UK, this will lower returns, switch off more from investing.

Great how someone in a fully funded DB pension wants to punch , typical

Doesn’t matter how shit you pension is when you’re not able to retire til you have one foot in the grave anyway. 🤷‍♂️

I read this and then I think – I’ve got like 30+ years until I could potentially retire – during which time I need to be paying into a pension the whole way through – at what point might AI put me out of a job and when there’s mass unemployment how the hell am I going to support myself then, let alone during “retirement” whatever that looks like.

This is not a story.

39% of people have negligible private pensions pots. This has almost always, and will always be the case; that is why any civilised country develops a social insurance system, ie the state pension.

The state pensions provides 30% and smidgen of median incomes at the moment. A couple will receive 60% of median income. Given around 30% (too high, but reality) of take home salary is given to rent for the median person, that means assuming the couple retires with a home, there is no material difference transitioning from 1 person working household at median wage with salary taxes, to 2 retirees. This is a phenomenal reality, we should be proud of, it’s astonishing we are such a prosperous society we can pretty much afford this at least for the present, and with minimal adjustment we can sustain this indefinitely(like a tiny bit of industrial policy).

This is an ad for a private pensions company, trying to generate revenue for itself, by sewing discord and dissatisfaction in public. This is a malevolent act.

Pension contributions should be compulsory without financial advice, and minimum contributions should be higher. Default funds should also be higher risk. Those who choose not to save enough will be dependent on everyone else

Well yea, because every policy just forces the younger generations to pay for the older ones. Eventually it catches up to you.

Meh, if I don’t die of natural causes by 60, I’ll do it myself.

I can barely afford to live now, spend all my free time going for walks as I have no money for fancy date nights etc, have my £1 coffee from cafe nero a week as a treat.

Those suggesting “education” and “just get a private pension” have no clue how most people live in this country. We can’t be any poorer today to still be poor in the future as we physically can’t as we’ve hit the breadline as it is. In a lot of cases, we’re past it, food or heat is a very real thing.

For example, southern water had a 47% increase as of April, I’m now paying £87 for water, and that’s with me taking 5 minute showers (while turning the water off during scrubbing) and making sure my fiancée pees first so we only flush once.

And this is with current pensioner support, which realistically is more than we can afford to offer as the population continues to age, especially if we reduce immigration. It’s 100% going to become normal again for old people to move in with their kids.

I don’t think this is so surprising, but there are a lot of people who start their pension planning seriously later in life eg 50+, where you can still stack up something meaningful with 10 years of focused tax free contributions. So I think if it was looked at by age cohort over time it would be interesting. A lot of young people think they will die or have nothing to live for so don’t bother with it, but when those same people have kids and start to think seriously about what their 60s, 70s and 80s might look like they can start putting in.

In a lot of situations if you haven’t saved for your retirement then your kids will have to sacrifice their own family life to afford to put you up. 

You don’t need a *lot* in retirement, just enough, and it’s pretty normal to cut your cloth to what you can afford. I think we need to encourage people to not stick their head in the sand however, something small is better than nothing and there’s no guarantees pension credit and housing benefits will remain as (relatively) generous as they are today. 

It’s hard to see how. Triple locked pensions is already out £12k a year or £1k a month. That’s without saving a penny. The triple lock is designed to always beat inflation & wages over time so will be significantly increasing in value over the long term. Particularly for a couple that’s £2k a month starting.

Add in some even modest savings, the removal of commuting costs, children costs and many will have more in retirement than they do now.

….

Unless they suggesting what all millennials know deep in their heart and bones… that the triple locked will be scrapped when it’s their turn to retire and that we need to simultaneously pay for this lots retirement and save for our own.