Amidst confusion, widespread pessimism about future standards of living in retirement

[Neo]

Earlier in the year we launched the Pensions Review (https://ifs.org.uk/pensions-review), a multi-year project aimed at finding ways to improve the future of financial security in retirement. As part of the Review, working with the Institute for Fiscal Studies, commissioned new polling from YouGov of over 3,000 working-age people to examine people’s concerns about the pension system, and investigate their understanding of it. In this short piece, we highlight some of the main findings of this exercise
https://ifs.org.uk/articles/amidst-confusion-theres-widespread-pessimism-about-future-standards-living-retirement

I agree with the findings, I've asked my work colleagues if they have any idea at all about government pensions, they all haven't a clue.... it's a bomb waiting to go off in the U.K., it's staggering.

[teeceetx]

I'm betting it's worse for Americans.

Most people have no idea what their retirement income will be, nor do they have any idea how much they will need.

For Americans, there is company sponsored pensions and Social Security.

It's doubtful that S.S. will continue to exist in the near future, as it is already technically insolvent. So forget that.

Corporate pensions have always taken a big hit from the recessions in the economy. I'd bet most are worth practically nothing at this point, being horribly underfunded to boot.

[Neo]

I'm betting it's worse for Americans.

Most people have no idea what their retirement income will be, nor do they have any idea how much they will need.

For Americans, there is company sponsored pensions and Social Security.

It's doubtful that S.S. will continue to exist in the near future, as it is already technically insolvent. So forget that.

Corporate pensions have always taken a big hit from the recessions in the economy. I'd bet most are worth practically nothing at this point, being horribly underfunded to boot.
I know how much roughly I'll be ending up with my private and work pension, I also know how much I'll be receiving from the government too.

[Wilson2]

I'm betting it's worse for Americans.

Most people have no idea what their retirement income will be, nor do they have any idea how much they will need.

For Americans, there is company sponsored pensions and Social Security.

It's doubtful that S.S. will continue to exist in the near future, as it is already technically insolvent. So forget that.

Corporate pensions have always taken a big hit from the recessions in the economy. I'd bet most are worth practically nothing at this point, being horribly underfunded to boot.

A lot of people (maybe 60%) have 401ks or something similar. Corporations switched to contributions to employee 401k's instead of pension plans. Even the military switched to a 401k type plan for new recruits, the days of serving for 20 years and retiring at 50% your base pay are over for new recruits.

Most of the people I know don't plan on social security, but save for their own retirement combined with their 401k.

Some who are old enough are getting social security even though they don't need it, they say the govt forced them to pay into it all those years and they are going to get back what they can.

[Neo]

I've three 401ks I had good advice when I was young.