Making Money Are you saving enough in your pension?
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Sep 29, 2025 Joe Dabrowski, Deputy Director of Policy at Pensions UK, shares insights into retirement planning. He reveals that around 70% of people lack a retirement plan, leading to inadequate savings. Joe discusses the Retirement Living Standards, outlining the costs for different lifestyles and stressing the importance of personalizing these standards. He highlights the achievement of auto-enrollment while warning about gaps, especially for the self-employed. Joe also encourages immediate steps for better retirement readiness, like checking pensions and increasing contributions.
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Clear Retirement Spending Benchmarks
- Pensions UK's Retirement Living Standards define minimum, moderate, and comfortable annual spending for singles and couples.
- They use focus groups and baskets of goods to make retirement costs tangible and relatable.
Adjust For Housing Costs
- Check whether the standards assume you own your home because housing costs are excluded from the main figures.
- Use the housing calculators Pensions UK provides to adjust the standards for your situation.
State Pension Alone Won't Cover Moderate Living
- Many people are unlikely to reach the moderate standard without higher savings because the state pension only covers part of the target.
- Around 70% of people lack a clear retirement plan, increasing the risk of shortfalls.