'I'm 50 and terrified I'll never be able to retire - I've worked since I was 15'

Many Brits fear they won’t be able to survive off of their pension (Stock photo)

A 50-year-old woman fears she’ll never be able to afford to retire – and it’s clearly she’s not alone.

In England, the current State Pension age is 66, but this will rise to 67 between 2026-2028. The government has also announced it plans to review the threshold within the next two years and ‘reconsider’ whether to increase the State Pension age again to 68.

The new state pension rate for 2024/2025 (those who reached state pension age after April 216) is £221.20 per week. This amounts to £11,502.40 a year. Private pensions vary depending on your employer’s contribution percentage and your salary- but most won’t let you withdraw money until you’re at least 55.

But as many Brits approach the age of retirement, many feel like their pension isn’t enough to live off.

Taking to Reddit, an anonymous woman explained she’s been in full-time employment since she was 15 years old. She has only left work while on maternity leave and to ‘move countries’.

“I checked my annual statement for my pension pot and when I turn 68 I’ll get my state pension and [a] teeny tiny private pension,” she wrote. “The combined amount won’t even cover my current monthly electric bill.

“None of it has been worth it. I’m so tired and I’m probably considered one of the luckier ones. How can we do better for the young’uns?”

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Hundreds flocked to the comments section to share their thoughts – with many feeling like they’re in the exact same dire situation. One woman who has been working full-time for 35 years, only to break to study at law school, says she’s been advised to retire at 70. “Retiring at 70 doesn’t give me much more life to enjoy,” she said.

Another agreed, commenting: “I feel the same at 52. I am so tired. The travel kills me and am feeling my age. I like where I live and [I’m] lucky to be in a field of high demand at present. My lan is to drop to part-time in a few years.” While a third added: “I don’t think any of us will have the kinds of retirements our parents / grandparents did.”

You can learn more about pensions, including how to budget for your future, here.

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