Middle aged are 'squeezed from every angle' and some cannot even picture retirement, survey finds

People aged in their late 40s and 50s are the most gloomy about retirement with one in ten admitting they are unable to imagine life after work, new research reveals.Around half say they didn't seriously consider their pensions until well into their 40s, and feel they left retirement planning too late.The 'Generation X' age group is considered the most likely to be under-saving for old age, according to PensionBee which carried out the research.'Gen X have been squeezed from every angle,' says vice president for personal finance Maike Currie. 'They came of age as final salary pensions were disappearing, meanwhile auto-enrolment arrived later in their careers.'They have weathered repeated economic shocks while many have found themselves sandwiched between supporting children and caring for ageing parents. It's no surprise their own retirement has sometimes slipped down the priority list.' Squeezed generation: Caught between pension eras that favour younger and older saversPensionBee says its findings suggest retirement remains a distant or hard-to-picture prospect for people aged 45-60.Among those who felt they had left it too late, 40 per cent said they couldn't afford to pay attention to their pension sooner, and 18 per cent didn't know where to start. The firm surveyed 1,000 people, weighted to be representative of the UK population.Final salary pensions, which for older generations provide a guaranteed income from retirement until you die and a survivor's pension for spouses, have been almost entirely phased out in the private sector.Under auto enrolment, which was introduced in 2012, employers have to put a minimum of 3 per cent of your earnings between £6,240 and £50,270 into your pension. Workers put in 4 per cent and the Government adds 1 per cent in tax relief – adding up to 8 per cent.However, many employers have more generous arrangements to attract staff, and might also be willing to make 4 per cent, 5 per cent or 6 per cent in matching pension contributions if you opt to save a higher proportion of your income.Separate research by Rathbones shows that even affluent General Xers, with £250,000 of assets available to invest, are the least confident generation when it comes to retirement.Some 29 per cent do not have a clear understanding of how to turn pensions and investments into regular retirement income.And 28 per cent do not believe their retirement income will allow them to live well, Rathbones found in a recent survey of 2,000 wealthy people.PensionBee points to the Government's Pensions Commission warning that 15 million people are under-saving for retirement, with Generation X facing a particularly acute challenge.Some 46 per cent in this age group are expected to fall short of the income needed to maintain their standard of living in retirement, which is the highest of any generation, it notes.Some 32 per cent with a defined contribution pensions – which staff and employers save into and invest as a replacement for final salary pensions – have less than £50,000 saved.Currie says of this generation's predicament: 'You can't plan for a future you can't picture. Gen X are getting closer to retirement than any other working generation, yet for many it still feels abstract.'When you can't see what you're aiming for, it's much harder to work out what you need to save to get there. to turn it into something you can plan, save and prepare for.''Gen X risks becoming the first generation to retire worse off than the one before. That should be a wake-up call for the government and policymakers. 'This is an overlooked generation that needs the tools, support and flexibility to catch up while there is still time.' Pension calculator: When can you afford to retire? When can you afford to retire and how much do you need to get the lifestyle you want? This is Money's pension calculator, powered by Jarvis, uses benchmark Pensions UK Retirement Living Standards amounts to help you work out what your retirement could look like - and what you need to save. > Pension calculator: Work out whether you are on track What if your pension is falling shortIf you are worried about whether you will have saved enough, investigate your existing pensions. Broadly speaking, you need to ask schemes the following questions.- The current fund value.- The current transfer value – because there might be a penalty to move.- Whether the pension is in a final salary or defined contribution scheme. Defined contribution pensions take contributions from both employer and employee and invest them to provide a pot of money at retirement. Non-public sector employers have now mostly replaced more generous gold-plated defined benefit – career average or final salary – pensions, which provide a guaranteed income after retirement until you die. Defined contribution pensions are stingier and savers bear the investment risk, rather than employers. - If there are any guarantees – for instance, a guaranteed annuity rate – and if you would lose them if you moved the fund. - The pension projection at retirement age. You can use a pension calculator to see if you will have enough – these are widely available online.You should add the forecast figures to what you anticipate getting in state pension, which is currently £241.30 a week or nearly £12,550 a year if you qualify for the full new rate. Get a state pension forecast here.Consider whether you can afford to pay more into your pension, especially if your employer matches higher contributions, or if you receive bonuses and pay rises.If you are tempted to merge your old pensions, read our guide first to ensure you won't be penalised. If you have lost track of old pots, the Government's free pension tracing service is here. Take care if you do an online search for the Pension Tracing Service as many companies using similar names will pop up in the results.These will also offer to look for your pension, but try to charge or flog you other services, and could be fraudulent. SIPPS: INVEST TO BUILD YOUR PENSIONAJ BellAJ Bell0.25% account fee. Full range of investmentsHargreaves LansdownHargreaves LansdownFree fund dealing, 40% off account feesInteractive InvestorInteractive InvestorFrom £5.99 per month, £100 of free tradesInvestEngineInvestEngineFee-free ETF investing, £100 welcome bonusProsperProsperNo account fee and 30 ETF fees refundedAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best Sipp for you: Our full reviews