Young set for lower pensions than parents

John Stillwell/PA Archive/Press Association Images

Now is the time to be over the age of 60. It's never going to be so good again. You can retire on your generous final salary pension, in your property that is worth more than ten times what you paid for it, looking forward to your seventh holiday of the year.

Now is definitely not the time to be in your 20s. Not only can you expect to be out of work today, but your retirement is set to be a disaster too.