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Original poster

To think we are heading into a pensions disaster

605 replies

She11y · 25/03/2025 20:03

I asked ChatGPT what the median pension savings were for someone in their mid 40s and I got the below reply:

Ages 35 to 44: The median pension pot is approximately £30,600.
• Ages 45 to 54: The median pension pot increases to about £81,200.

This website has a similarly sobering statistic - average pension pot for 50-59 is £96k.

https://www.nutsaboutmoney.com/pensions/average-pension-pot-uk

These are averages and the number will be brought down by some people who have zero pension savings but it's still a very low amount.

How are people going to survive retirement. There aren't many jobs for people the wrong side of 50z

What's the average pension pot? (UK by age) - Nuts About Money

Not sure you are saving enough into your pension? Here’s the average pension pot and how much you really need to retire.

https://www.nutsaboutmoney.com/pensions/average-pension-pot-uk

OP posts:
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5
Wildflowers99 · 25/03/2025 20:23

Phase2 · 25/03/2025 20:09

51 and my pot is 26,000 I’m fucked. Never been able to save into a pension while a single parent then a parent trying to pay uni fees etc. never a good time for me.

Why would you prioritise uni fees over a pension?!

TheNoonBell · 25/03/2025 20:22

QwestSprout · 25/03/2025 20:09

I don't doubt that when my generation (millennials) reach retirement age there is a very real shitshow coming, but I just had a thought - how do those averages take into account those of us with a defined benefit pension, as we don't have a pot.

Those DB pensions are going to have to be reduced at some point in the near future. They have over a trillion liability which will take an ever higher share of the tax take to pay.

It could even work out as a vote winner for whichever party brings it in, even more so seeing the average size of private sector pension pots posted above.

QwestSprout · 25/03/2025 20:09

I don't doubt that when my generation (millennials) reach retirement age there is a very real shitshow coming, but I just had a thought - how do those averages take into account those of us with a defined benefit pension, as we don't have a pot.

Phase2 · 25/03/2025 20:09

51 and my pot is 26,000 I’m fucked. Never been able to save into a pension while a single parent then a parent trying to pay uni fees etc. never a good time for me.

Overthemoun · 25/03/2025 20:07

Yep! I don’t think anyone realises that you need to save a pot of £800k to give you an income of £25k, pre tax. You have to start young and pay in a lot to get there and realistically, the cost of living is too high for most to be able to do it all.