❌A retirement crisis is set to hit over 5 million older workers.

Nine in 10 workers will not be able to afford a comfortable retirement - as they will fall short of an “adequate” income once they leave work.

~ Thread 🧵
🔺Millions of over-50s planning to retire could be pushed into poverty and financial insecurity - a situation that has been worsened by the pandemic.

🔺Over 90% of private sector workers will not be able to afford a comfortable retirement, according to Pensions Policy Institute
The report showed key factors included:
⬇️A low state pension
⬆️Increasing unemployment

A large number of over-55s were forced into early retirement during the pandemic.

The full state pension pays just 24% of the national average income
The Government’s “triple lock”, guarantees state pension rises by:
📌The highest of inflation
📌Wage growth
📌or 2.5%

This has been branded “worthless” as millions of pensioners struggle to cope.

The Government has been urged to build a new mechanism
Just 1/3 people can expect a “moderate” life in retirement, which is equivalent to £20,200 a year.

This would allow them to cover:
🍞Basics living cost
🏖️Go on holiday in Europe for two weeks a year
🍽️Eat out a few times a month
Future generations are equally at risk of falling short of an “adequate” income in retirement.

❌The minimum contributions made through auto-enrolment is insufficient
📑Pensions Policy Institute's spokesperson, said the “stark” figures showed how urgently those saving need an accessible and achievable target.

There had been no single standard of what an "adequate" income in retirement was and how much pension wealth that required, they said
“Action from the Government to pursue this agenda will be necessary soon, to help prevent future generations of older people experiencing poor retirement living standards”

Read more: telegraph.co.uk/pensions-retir…

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Telegraph Money

Telegraph Money Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @MoneyTelegraph

2 Mar
❓ How can you protect your money from rising inflation?

Experts believe once lockdown is eased, a wave of consumer spending could send inflation soaring.

High inflation can have a devastating impact on people's finances, so what to do?

~ a #thread 👇 telegraph.co.uk/money/consumer…
Savings boomed in 2020 👇

Economists believe that inflation will rise as Britain comes out of lockdown and pent-up demand in the economy is unleashed.

If they're correct, this could have a big impact on investors…
Bond owners could suffer most.

Investors sell bonds when inflation rises, as it eats into that income.

Higher inflation would also increase the likelihood the Bank of England raises rates – bad news as it decreases the relative value of bonds' payments vs newly-issued ones…
Read 12 tweets
3 Nov 20
~ a #thread 👇

Thinking about changing jobs?

If you're one of the many people who see the pandemic as an opportunity to reboot their career and take it a new direction, then we've got six things you need to consider first telegraph.co.uk/money/consumer…
1️⃣ Which sectors have the most jobs?

Fewer vacancies are being posted everywhere this year, but hiring is picking up in construction, education, logistics, healthcare and property 👇

Finding a job in catering, hospitality and marketing, however, will be more challenging…
2️⃣ The most/least competitive sectors

With a ratio of applicants per job of 62, administration is the most competitive, followed by customer service and marketing 👇

Growing demand for carers, doctors and teachers has meant these areas have become less competitive…
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!