Many Britons are finding it impossible to retire due to insufficient pension savings and rising living costs, according to a Guardian report. Nancy, a 66-year-old from London, says she cannot afford to stop working for at least another decade. She works part-time on minimum wage and pays £700 a month in rent, with energy bills of £300. “I will quite possibly never retire – it’s that simple really,” she said.
The Pensions and Lifetime Savings Association estimates that the amount needed for a “moderate” retirement has jumped 35% to £31,300 a year for a single person. Wealth manager Quilter calculates that requires a pension pot of £459,000. Andrew, a 60-year-old university lecturer, doubts his savings will keep pace with inflation, saying, “The UK economy is broken.”
Women face a worse outlook, with average retirement savings of £69,000 compared to £205,000 for men, due to career gaps and lower earnings. Anna, 56, from Anglesey, will be paying her mortgage until age 75 and expects to work until at least 75. “My hope of retiring at 65 is no longer feasible,” she said.
