The traditional path of full-time employment followed by a ‘hard stop’ retirement seems increasingly rare, with life after 50 typically consisting of a ‘multi-staged’ process, according to a new report.

Research compiled by pension provider Aegon, called ‘The Second 50: Navigating a multi-stage life’, revealed that the over-50s today have extremely different life paths compared to previous generations, no longer always following the traditional trajectory of education, work and then retirement, the report found.

Latest figures from the Office for National Statistics (ONS) show that one in four children born in the UK today are likely to live to almost 100-years-old. According to the Aegon report, 53% of those surveyed hope to spend more time in later life with their loved ones, 45% would like to travel, and 33% plan to pursue new hobbies. To plan for retirement, you may want to see professional advice. 

If you’re thinking about getting professional financial advice, you can find a local financial adviser on VouchedFor or Unbiased.

Alternatively, if you’re looking for somewhere to start, we’ve partnered with independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial advisor. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.

Fidelius are rated 4.7 out of 5 from over 1,250 reviews on VouchedFor, the review site for financial advisors.

Just 27% of people currently in employment are planning for a so-called ‘hard-stop’ retirement, or giving up work completely. Read more about this trend in our story Number of people aged 50 and older in part-time work reaches record high of 3.6 million.

The main reasons for remaining in work in later life are positive among those in this age group. and include an enjoyment of working life (57%) and keeping the mind sharp (54%). Just 29% said they would continue to work to save more, as they didn’t have enough set aside for retirement.

If you’re planning to continue working full or part-time and phase into retirement, you can read more in our guide How can I phase my retirement?

Steven Cameron, pensions director at Aegon, said: “As we see record numbers of people in the UK celebrating their 100th birthday, we want to start a conversation about how varied people’s second 50 years may be and to help people better understand and navigate them.

“The Second 50 is a new phase of life that is vastly different to the prospects our parents and grandparents had when they reached age 50. There are millions of combinations of circumstances and situations that people over 50 may find themselves living through at various times and in different orders, meaning everyone’s Second 50 is truly unique.

“In fact, in many ways, it’s uncharted territory and we can’t simply look to what’s gone before to know how to manage it.”

However, more planning should be done to factor in the potential cost of long-term care. According to the report’s findings, those aged 50-59 expect to spend 17%, or almost a fifth, of their time in retirement in ill health, but only 25% have considered the future cost of care. Read more in our story Nearly 2 million over-60s could be underestimating the cost of care.

Planning for retirement

When you’re looking towards retirement, it’s important to consider all your savings, investments and pensions to see where you stand financially, as this will give you an indication of when you might be able to afford to retire fully (if you want to). The amount you need to retire comfortably depends on a variety of factors, including your lifestyle, healthcare needs and spending habits. Read more in our guides Preparing for retirement: Your seven-step pension checklist.

Cameron said: “Employers can 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. Meanwhile, workplace pensions can help build the financial support needed by employees in later life.”

It’s also important to factor in your State Pension entitlement as you approach the government’s State Pension age, as this can form the bedrock of retirement income. Learn more about the State Pension in our articles How the State Pension works and State Second Pension and SERPS explained.

If you’re self-employed, you won’t be benefiting from employer contributions into a workplace pension scheme, and will need to consider your own provision for retirement. Find out more in our guide Pensions for the self-employed.

If you want to get some tips and guidance for free, and you’re aged at least 50, you can arrange a phone appointment via the government’s free service called Pension Wise. If you want personal recommendations or advice about your specific circumstances, check out our guides on How to find the right financial advisor for you or How to get advice on your pension.

If you’re thinking about getting professional financial advice, you can find a local financial adviser on VouchedFor or Unbiased.

Alternatively, if you’re looking for somewhere to start, we’ve partnered with independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial advisor. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.

Fidelius are rated 4.7 out of 5 from over 1,250 reviews on VouchedFor, the review site for financial advisors.

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