The current average pension pot in the UK is much lower than it should be for a comfortable retirement. People between 35-44, for instance, are recommended to have £30,000 in a private pension, but according to ONS, half of the people in this age group have less in their pots.
The Pensions and Lifetime Savings Association advises that a single person will need a retirement income of around £37,300 a year for a “comfortable” retirement standard – assuming they are mortgage and rent free. The full state pension for 2023-24 is £10,600 annually.
We’re keen to hear from millennials in the UK about how they are preparing themselves for retirement. Have you begun paying into a pension? If not, why not? If yes, how much? And do you think your pot will be large enough to cover the living standard you are aiming for when you retire? Do you have any concerns?
