- Clients will need personalised help to plan for multiple stages of retirement, as well as unexpected life events such as social care in later life.
- Financial planning may require a more holistic approach, reflecting the interconnections with future transition from work, health, family and wellbeing.
The report’s findings include considerations for people to make the most of a longer, and more varied working life. It sets out five fundamentals of life after 50 that are changing significantly:
- Work – including how the transition from work into retirement
- Wealth – the money built up from savings, investments, and pensions as well as if they own their own home
- Family – caring for or financially supporting other generations
- Health – likely to see changes in health in later years
- Wellbeing – what brings joy and purpose in the Second 50
Aegon believes the UK government and employers have vital roles to play in supporting a longer, more varied working life for the UK population.
Cameron added: “We want to explore the Second 50 not just with individuals, but with employers, the financial services industry and government, to create a landscape that is truly fit for purpose for everyone’s life after 50.
"Advisers will bring huge value in navigating that landscape.
“Whether it’s employment and pension law or the state pension, the government has the responsibility to support and the power to shape people’s Second 50.”
He said Aegon would like to see the government offer more flexibility around when people can access their state pension.
“In addition, employers play a vital part in life after 50 by offering flexible working, training, and support at all ages, and by harnessing the skills and expertise of those who wish to continue working for longer.” he added.
“Meanwhile, workplace pensions can help build the financial support needed by employees in later life.”
sonia.rach@ft.com
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