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“I’m not sure I’ll ever be able to retire,” says Susannah Cann, 49, from Brenchley in Kent. “It’s just impossible to save at the moment.”
Susannah – who is self-employed and works in recruitment, and is married with four children aged between 16 and 26 – said: “We rent our home, and once you take away those payments and all the other living expenses we have to cover every month, all of which seem to have shot up in recent years, there’s very little left to put into a pension, so it’s something I just haven’t been able to do.”
She finds being self-employed also makes saving for retirement challenging. “As I work for myself, I haven’t been auto-enrolled into a scheme and I don’t benefit from employer contributions, which is a big downside. I’m very worried about not having enough to retire on and currently I think I’m going to have to keep working well past state pension age to cover costs.”
Susie is far from alone. Nearly half (45%) of working-age adults, equivalent to around 18 million people, are not saving into a pension at all, despite nearly half of them being in work.
There are a further 15 million people currently under-saving for retirement who could potentially face a severe cliff-edge when they retire, according to a report from the Pensions Commission.
This means many could be left facing a retirement in poverty, especially given the vast sums needed to fund even a moderate standard of living in retirement. Latest calculations from Pensions UK suggest a single person needs an income of £32,700 to enjoy a moderate standard of living in retirement, rising to £45,400 for a two-person household. This figure includes the full state pension of £12,548 a year and enough private pension income to cover the remainder.
A moderate retirement lifestyle provides more financial security and flexibility than a minimum standard, which only covers basic living costs. For example, a couple could spend £106 a week on groceries, £66 a week on eating out, run a small second-hand car, have a fortnight holidaying in Europe and a long weekend break in the UK.
Craig Rickman, personal finance expert at interactive investor, said: “It’s worth noting that the Retirement Living Standards only offer a steer on what secures a minimum, moderate, or comfortable retirement. The level of income and/or savings individuals and couples need will depend on their personal goals and spending habits.
“Pension UK’s annual calculations can provide a useful starting point, but the key is to think about the lifestyle you aspire to once you leave the workforce, work out how the amount you need to save, and start planning as early as you can.”
Most people are unlikely to have saved anywhere near the amounts suggested by Pensions UK. Latest Office for National Statistics data shows that aged 25-34 typically have pension wealth of around £18,800, rising to £39,500 for those aged 35-44, £80,000 for those aged 45-54, and £137,800 for those aged 55-64.
Our table below shows roughly how much you might need to be putting away each month at different ages if you want to enjoy a moderate standard of living in retirement by the time you reach the age of 67.
Retirement ready reckoner: How much you may need to save for a moderate retirement
Moderate lifestyle
– single person
Existing pension savings
Total monthly contribution needed
(incl. employer payment)
Age 20
£0
£230
Age 30
£19,000
£340
Age 40
£39,500
£560
Age 50
£80,000
£1,015
Source: AJ Bell. Assumes target retirement income of £32,700 after tax, including the full state pension (£12,548 a year). This requires a private pension pot of around £437,000 at age 67. Calculations include inflation at 2%, earnings/contributions growth of 3% and annual investment growth of 5% before charges of 0.6%. Existing savings are based on latest ONS pension wealth data.
Don’t bank on the state pension
The state pension age is on the rise and will increase from 66 to 67 between April 2026 and April 2028, with a further increase to 68 currently planned for between 2044 and 2046. An ongoing government review could see these changes brought forward.
According to Rathbones, the impact of this could be significant for younger workers. Someone aged 25 today could miss out on as much as two years of state pension payments — equivalent to around £69,900 — if the pension age rises as expected, compared with it remaining at 66. A 45-year-old, meanwhile, could lose out on roughly £42,700.
The figures are based on the new full state pension, and assume it continues to rise annually in line with the triple lock. Under the triple lock, payments increase each year by whichever is highest: inflation, average earnings growth or 2.5%.
Ed Wood, financial planning director at Rathbones, said: “The elephant in the room for younger generations is that they are likely to face a less generous state pension system than many retirees enjoy today, pushing the bar much higher for what they need to save themselves.”
There are ways to boost your retirement savings if you're worried about future finances.
Ways to boost your retirement savings
If you’re stressed about saving enough for retirement, then there are plenty of things you might be able to do to boost the amount you end up with.
1) Find out if your employer will match your contributions
If you belong to our company pension scheme – most people will be automatically enrolled when they start their job - ask your employer about matching your contributions.
Sarah Coles, head of personal finance at AJ Bell, said: “Auto-enrolment comes with minimum contribution levels, but many employers will pay more than this if you increase your own contributions too. If you can put away a little extra each month, your employer might match that with money you wouldn’t get as extra pay elsewhere. An extra £100 per month for 20 years could add nearly £43,000 to a pension pot. Over 30 years, it’s closer to £88,000.”
2) Are you on track?
It’s really important to think about the type of retirement lifestyle you want, and how much income you’re actually likely to need. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Using tools such as online pension calculators can help people work out what they are currently on track to receive and, if they have fallen behind, they can put a plan in place.”
3) Find out where your retirement savings are invested
If you’re employed and automatically put into a workplace pension, your contributions will usually go into a ‘default’ investment fund, which may not necessarily be the best option for you.
Mike Ambery, retirement savings director at Standard Life, said; “It’s worth checking how your pension savings are invested and whether this still reflects your goals, your expected retirement age and how comfortable you are with risk.”
4) Track down lot pensions and consider combining your pots
It’s also worth checking to see whether you might have any pensions you’ve lost track of which might bolster your income in retirement.
Coles said: “There are an estimated 3.3 million lost pension pots in the UK, worth over £31 billion in total. As we change jobs throughout our careers, there is a chance we’ve left a pension behind somewhere and need to track it down. Many providers have free pension finding services to help you do just that. But even if you already know where your old pensions are, it’s a good idea to see how they are doing and think about combining them.
“Combining pensions doesn’t just mean fewer logins and less paperwork, it can also help you make better decisions about your future. This could be about how much to pay in, how your money is invested, or simply help you to reduce your costs.”