Older People in Retirement
This section of the Strategy is focused on older people who are already drawing an income from their pension savings.
While some older people in retirement are relatively well placed for financial security in later life, a significant minority have very limited financial means.
Less than 3 in 10 people at retirement age have any form of plan for funding long term care.
A key challenge for older people is the need to manage financial resources over their entire retirement, balancing the need to make ends meet day to day while preparing for and managing expenditure related to life events. Life events that typically affect older people, for example ill health, care needs, bereavement, are unpredictable and can derail financial plans overnight.
Priorities for the Strategy are to:
- Develop the evidence base and share information about older people’s financial capability needs, gaps in provision and evidence of what works.
- Use trusted messengers to reach older people with consistent messages that improve their financial capability.
- Improve access to money management tools and guidance that reflect the reality of life in retirement.
- Improve the ease and accessibility of products and services for older people in retirement.
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