30-somethings face pension mountain

The thirty-somethings generation face a huge battle to retire on anything like the retirement incomes of their parents, says the Sunday Telegraph.

To secure the typical retirement income of a senior teacher or manager of £40,000 a year, you would now need a pension pot of over £2 million. Yet by the time this generation comes to retire, they will not get a state pension until they are aged 70. So they need to increase their retirement savings substantially beyond the normal ‘default’ rates in company pension schemes.