What's retirement really like these days?

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Life doesn’t follow a set path and no two futures look the same. Not everyone wants to, or can, step away from work in their mid-sixties. The way we save and spend is shaped by real life. Career changes, caring responsibilities, health, and family dynamics all make a difference to how we retire.

Plenty of people reach their mid-sixties and want to start a business, some want to spend time volunteering or acting as a mentor for the next generation. Others adapt their plans when the unexpected happens, such as when adult children (or even grandkids) move back in, or when looking after elderly parents is necessary. Some may pursue a role that matches their passion or actively learn new skills.

 

The traditional “working or retired” stereotype is outdated

Retirement used to be seen as a hard stop, one day you would be working, the next you would have permanently stepped away from work. If this traditional view doesn’t match your reality, you’re not alone. Retirement today is often far more flexible and active. 

 

Remember to rebalance your finances to match your retirement goals

Everyone’s retirement is personal. You might move to part-time work, try something new, switch to volunteering or stop working altogether.  However your life develops in retirement, it’s important to rebalance finances while keeping future goals in sight. Fewer than one in ten UK adults (9%) receive regulated financial advice each year* , yet guidance tailored to your situation can help you navigate how and when to take pension savings, how to phase work, and how to make room - financially and practically - for the pursuits that energise you.  

The point is choice - retirement can be flexible to fit how you want to live now, including making space for passions you paused years ago.

You can use these five prompts to reimagine your next chapter: 

• Energy: What activities leave you excited (and which drain you)? 
• People: Who do you want more time with? Family, friends, community? 
• Place: Which locations (home, coast, countryside, city) feel like ‘you’ now? 
• Purpose: What would feel meaningful to you to contribute or explore? 
• Pace: How many busy days versus quiet days make you feel balanced? 

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