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:
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