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?
Share your experience
Tell us where in your private pension savings journey you are, whether you have started paying into one yet or not.
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Tell us a bit about yourself (e.g. age and what you do for a living)
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Tell us about your pension planning: whether you’ve started paying into one, how much you contribute, and whether you think your pot will be large enough when you retire
If you haven’t begun thinking about or paying into a pension, you can share here why
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Tell us about your concerns
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