Retirement Planning: At/post Retirement - UK - January 2015
“Without the comfort of generous defined-benefit (DB) pensions, relatively few people will be able to enjoy the luxury of actively choosing to embark on a phased retirement. More likely is that phased retirement will most commonly be a result of people working to supplement their state pension, and attempting to leave their private pension relatively untouched.”
– Rich Shepherd, Financial Services Research Analyst
This report looks at the following issues:
- Even older non-retirees are still putting off making retirement plans
- Is phased retirement a mainstream option in the future?
- Did retirees get all the advice they could have?
An ageing UK population, the 2014 Budget reforms to the pensions industry, subsequent changes to inheritance tax and the previously announced raising of the state pension age and abolition of the retirement age have all brought the issue of retirement into sharp focus. Increasing life expectancy will put a greater burden on the state to provide for the elderly, while individuals themselves are being urged to take more personal responsibility for their retirement.
All of these changes come at a time when the experience of retirement is itself in a state of change. The golden era of final-salary pensions is coming to an end, replaced by less valuable defined-contribution schemes. The traditional step into full retirement at 65 seems somewhat threatened by a more phased-in approach as people supplement pensions income by working longer, or use pensions as a way of affording an early semi-retirement by moving to part-time employment.
Retirement planning is, therefore, arguably more important for today’s retirees than it ever has been before. This report examines retirement planning, focusing especially on planning at and after retirement.
The report includes a discussion of the main issues surrounding retirement planning, and an application of Mintel Trends to the topic. The post-retirement consumer is looked at through the use of government and industry data. Finally, Mintel’s exclusive consumer research investigates pension product ownership, the phases of retirement and the income types currently received by over-45s. Also examined are the sources of financial advice used to plan retirement and expected income levels in retirement. Finally, Mintel’s research looks at the attitudes towards retirement and old age from both retired and non-retired points of view.
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