Marvin OnumonuPensionBee has warned that modest income growth will not guarantee a comfortable retirement for pensioners in the UK.
Analysis from the Resolution Foundation projected a 5% real-terms rise in pensioner incomes by 2029-30.
PensionBee said this should not distract from the bigger challenge of saving enough for retirement.
Lisa Picardo, chief business officer UK at PensionBee, said: “A modest increase in pensioner incomes may offer some reassurance, but it won’t be enough to guarantee a comfortable retirement – especially as everyday costs continue to rise and life expectancy increases.
“Too many people are still underestimating the level of savings needed to maintain their standard of living in later life.
“Relying solely on the State Pension or a workplace scheme where only the minimum has been put aside is unlikely to provide the financial security most aspire to.”
Picardo added: “It’s crucial that individuals take proactive steps to take control of their retirement journey – whether that’s consolidating old pensions, boosting contributions where possible, making an active investment choice that’s more suited to their retirement goals, or simply gaining a clearer understanding of what their future retirement income might look like.
“The earlier people engage with their pensions, to make the most of what they have and contemplate what more they can do to help their future selves, the more options they’ll have when it comes to shaping the kind of retirement they want and deserve.”
