Warnings that millions of people are heading for a retirement crisis due to a shortfall in pension savings<\/a> are nothing new, but a new government review <\/a>aims to tackle the issue to prevent a \u201ctsunami of pensioner poverty\u201d.<\/p>\n It\u2019s estimated that a single person will need more than \u00a314,000 for every year of retirement, while<\/a> a couple will need \u00a322,000 to maintain a minimum level of lifestyle. <\/p>\n It sounds a lot, but it is achievable without the need to immediately start stuffing thousands of pounds a month into an account.<\/p>\n But how do you get there if you haven\u2019t already started saving?<\/p>\n Check employer contributions<\/p>\n If you\u2019re already in work, the first thing you should do is check if your employer pays the minimum three per cent of your salary or higher \u2013 some may well offer to match your own contributions, but this might only happen if you opt to pay more.<\/p>\n For example, if you\u2019re paying in five per cent, your employer could raise their contributions by an additional two per cent, and it won\u2019t cost you anything extra or remove anything from your pay packet.<\/p>\n Do remember to ask if it means you change pension plan, provider or anything else though, to make sure it suits your needs.<\/p>\n Focus on building an emergency savings buffer<\/p>\n Next, it\u2019s time to get that money<\/a> in place so you don\u2019t need to worry about unexpected bills or costs.<\/p>\n Experts say you should ideally have between three and six months\u2019 worth of expenses<\/a> in an easy-access account paying a good level of interest, to cope with things such as the loss of a job, higher-than-expected living expenses or a major outlay for repairs or purchases.<\/p>\n Again, if you\u2019re just starting out, it\u2019s important to forget the eventual size of the pension pot and focus on the first steps.<\/p>\n Get a free fractional share worth up to \u00a3100. Terms and conditions apply.<\/p>\n Go to website<\/a><\/p>\n ADVERTISEMENT<\/p>\n Get a free fractional share worth up to \u00a3100. Terms and conditions apply.<\/p>\n Go to website<\/a><\/p>\n ADVERTISEMENT<\/p>\n If you are starting with nothing, open a new savings account <\/a>and start to pay money in weekly or monthly, whichever helps you stay on track best. The consistency of seeing it grow will help you get used to building a savings buffer, and it doesn\u2019t matter if that begins with \u00a35, \u00a320 or whatever else you can initially afford.<\/p>\n Cut expenses if you need to; one pint of beer fewer a week is about \u00a36-8 (depending where you live), which could add to your savings, and one unused subscription cancelled is a monthly boost of even more than that.<\/p>\n Regularity and time will see you hit your goals.<\/p>\n And, if you are really in need of a quick boost to your savings, you can consider changing banks. Several will offer over \u00a3150 in cash or bring other perks to your account if you switch your current account. Check here for details, <\/a>and always ensure you choose a bank or building society right for your needs, not just which offers the most immediate funds.<\/p>\n Pensions contributions are no different<\/p>\n![\"Trading](\"https:\/\/static.independent.co.uk\/static-assets\/images\/mobile-stores\/Trading_212.svg\")
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Capital at risk.<\/p>\n<\/p>\n
Capital at risk.<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/07\/iStock-1266251072-(1).jpeg\")
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