Report: 75% of UK workers not on track for moderate retirement income
By
Kevin Peachey
A second-rack bagel that's nearly first-rack. Tasty stuff.
Summary
A report from Pensions UK, based on research by Loughborough University's Centre for Research in Social Policy, reveals that three-quarters of UK workers are not on track to achieve a 'moderate' pension income in retirement. The moderate lifestyle costs are estimated at £32,700 for a single person and £45,400 for a couple annually. Only 9% of workers are projected to reach a 'comfortable' retirement income level (£45,400 for singles, £62,700 for couples). The findings serve as a guide for retirement savings planning.
Key quotes
· 3 pulledThree quarters of workers not on track for 'moderate' pension income, report suggests
A comfortable lifestyle in retirement is estimated to cost £45,400 for a single person and £62,700 for a couple
Pensions UK said only 9% of workers were in line to get to that level
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