livingcosts News & Analysis

Pensions UK report: 75% of workers lack adequate retirement savings

A report by Pensions UK revealed that 75% of workers are not on track to secure moderate retirement income, defined as £32,700 for a single person and £45,400 for a couple. Only 23% of the workforce is estimated to meet this level, while a minimum pension lifestyle costs about £13,900 annually for one. The cost of retirement is rising, attributed to increasing living expenses, aligning with inflationary trends. This highlights a significant shortfall in retirement savings, emphasizing the need for action from individuals, employers, and government to address future retirement income adequacy.