RETIREMENT POVERTY WARNING
@BBC has reported a pensions warning that should alarm millions of workers.
Pensions UK says more than three quarters of workers are not on track for a moderate retirement income.
The figures are brutal.
A moderate retirement lifestyle is now estimated at £32,700 a year for one person, and £45,400 for a couple. Only 23% of working people are on course to reach that level.
A comfortable retirement is now estimated at £45,400 for one person, and £62,700 for a couple. Only 9% of workers are on track for that.
Even the minimum retirement lifestyle now costs around £13,900 for one person and £22,500 for a couple. And even these figures exclude housing costs.
So what does this really mean?
Millions of people are working now, paying bills now, struggling with food, energy, rent, mortgages, childcare, debt, and still being told they must somehow save more for retirement.
If wages stay under pressure, living costs keep rising, and pension saving remains too low, many people will reach retirement and face a cliff edge drop in income.
The pension crisis is already here. Most people just have not reached the edge yet.
bbc.co.uk/news/articles/c392…