The traditional retirement age of 65 no longer represents a ‘hard stop’ in an individual’s working life. However, it would also be a misnomer to simply say that 70 is the new 65.
Retirement today is much more varied and colourful than it used to be. A growing number of retirees are continuing to work well into their 70s, and in some cases even using the freedom of ‘retirement’ to set up their own businesses.[1] Thousands of individuals are also accessing their pensions at 55 and living a vibrant life in their 60s and 70s. Others have dedicated their golden years to caring for loved ones. Simply put, there is no longer a ‘typical’ retirement or retirement age.
For the financial services industry, finding new ways to better engage people in later life planning is vital. Longer and more varied retirements mean that for the over-55s planning their finances and really thinking about how they can make their pensions last has never been more important. That’s why advice, delivered appropriately at critical points in retirement, should focus on life plans to meet the individual needs of retirees and help them enjoy their best retirement.”
Living longer: is age 70 the new age 65
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