British workers are not saving enough for retirement

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More than 90% of British workers are not saving enough money to retire comfortably. This finding comes from Pensions UK. It calculates that a person living alone needs £45,400 a year for a “comfortable” retirement due to rising living costs. For couples, the figure is £62,700. An annual income of £13,900 is required to fund a “minimum” standard of living, with £57 a week for groceries, £12 a month for takeaways, no car and a week-long holiday in the UK each year. Even this figure might be unattainable for the self-employed. Just 4% are saving for retirement, something pensions minister Torsten Bell has described as a “catastrophe”. His department has set up a Pensions Commission, which has warned that “tomorrow’s retirees are on track to be poorer than today’s” and is currently working on proposals to reform the current system.