Women born in these years will ‘be forced to work past State Pension age’

Women born in these years have been warned they are on the cusp of a PENSION CRISIS. Women in their 50s face a crisis and a “nasty shock” with caring burdens and inadequate savings impacting them, the Telegraph has reported.

People in their 40s and 50s are not saving enough for retirement and face “a nasty shock” when they hit retirement age, as their savings will not be enough to continue their current standard of living, according to Phoenix Insights.

Phoenix Insights is “the think tank arm of Britain’s largest retirement savings firm.” Catherine Foot, the organisation’s director, said: “I would say it will be a 2035, 2040 crisis point.”

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“En masse, future generations of retirees are set for quite a nasty shock when they arrive at retirement and realise they do not have the funds to support the retirement that they’ve seen their parents have, or even people half a generation older than them enjoy.

“Most people in their early 50s and younger are not saving enough.” Women in their 50s are in “the eye of the storm” of financial pressures that mean they have to keep working for longer, she said.

Women in their 50s will need to keep working for longer. The women’s state pension age has also increased from 60 to 66 in the last 14 years, and will rise again to 67 between 2026 and 2028. Ms Foot said: “Women in their 50s are a sort of depressing microcosm of all the problems, whether it’s caring responsibilities, housing costs or access to the state pension.”

Ms Foot said: “Now you can’t be the wife that gives up at 50 so that she can care for her mother-in-law while her husband keeps working and you can still afford your house and your children have already started in decent jobs. That just doesn’t happen anymore.”