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Three quarters of workers not on track for 'moderate' pension income, report suggests
Key takeaways
- A new report by Pensions UK suggested what it termed a moderate lifestyle cost £32,700 for one person and £45,400 for two - but estimated just 23% of the working population were on course to reach such a level.
- Rising bills have pushed up the cost of retirement, it said, adding to calls for action to boost retirement savings.
- According to the report, a minimum retirement lifestyle costs around £13,900 annually for a one-person household and £22,500 for two people.
Kevin Peachey Cost of living correspondent Getty Images Too many people face a "cliff-edge drop in income" when they retire, with more than three quarters not on course to save enough for a "moderate" lifestyle, a pensions trade body has warned.
A new report by Pensions UK suggested what it termed a moderate lifestyle cost £32,700 for one person and £45,400 for two - but estimated just 23% of the working population were on course to reach such a level.
Rising bills have pushed up the cost of retirement, it said, adding to calls for action to boost retirement savings.
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