To make the State Pension “sustainable”, the DWP have defended their reforms, which their own figures confirm will leave at least 16 million people under 43 years old, worse off. The positive news is that those in their 50s and 60s will do best.
Coming on top of the challenges already faced by those in their 20s, 30s, and 40s, including less well paid job opportunities and struggles to get onto the property ladder, it could seem like a further knock.
According to the Telegraph, experts have described the news as “disturbing” and warned of the potential future impact, to the current younger generations.
More than half of those 43 years old now, will receive over £17,000 less over the course of a 30 year retirement, and ¾ of 24-year-olds face a lower income when they retire in 2060. Men also lose with over £26,500 income loss over their 30-year-retirement.
Find out what you can do about the pension problems for under 40s.