More than 5M Britons retiring in next two decades set to be clobbered by ... trends now
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Two million Britons due to retire this decade are set to be hit by 'inadequate' pension pots - rising to an eye-water 3.6million in the 2030s, new government figures show.
The Department for Work & Pensions today released an analysis of future pension incomes, which shows that 5.6million English, Scottish and Welsh people are not saving enough for their pensions.
Four in ten of of the 5million people due to retire in the 2020s are not projected to have an 'adequate' income after housing costs to maintain their standard of living.
And this figure is forecast to rise to 44% for the 2030s and 2040s before falling to 36% and 33% in the 2050s and 2060s, respectively, according to DWP figures.
In the 2040s and 2050s 2.8million people will not have adequate pension incomes after housing costs. And this is forecast to fall back to 2million in 2060.
Two million people set to retire this decade will have 'inadequate' pension income after housing costs, rising to 3.6million in the 2030s
The DWP analysis shows that 13million (39%) people aged 22 to the state-pension age (currently 66 but set to rise to 68) are not saving enough to properly maintain their standard of living after housing costs in
