Life today is very different to previous generations. Crucially, we’re living far longer, unlocking opportunities our parents and grandparents never had. So why do we still imagine our retirement journey will look like theirs?
This can feel like an adjustment and you might not know where to start. But by being clear on your own priorities, commitments, and resources you can make the most of your longer life.
It's time to think differently about working, learning and saving - and we're here to help.
Flexible working covers a variety of topics like remote work, compressed hours, carers leave or even a career break.
Flexible working is becoming more common across the UK. With the right resources and support, you can make work work for you.
If you don’t envisage yourself in the same job forever, it’s important to think proactively about where you want your career to go at 50, 60 and beyond. This can help you enjoy a fulfilling work life and ensure you’re as prepared as you can be for the retirement you want, when you want it.
Whatever your age, you have the power to do something different, with the right support.
As we embrace living longer, we also need to shift our thinking around the traditional ‘study, work, retire’ mindset. Rachel and Stacey, who feature in our video, embraced switching careers to help support their financial futures.
In order to support ourselves financially and remain in rewarding, fulfilling work, upskilling or retraining throughout your career is important to help navigate everchanging work environments and life stages. This allows us the opportunity to make changes to our careers and save for the future we want.
A third of 45-54 year olds are expecting to change their career before they retire and only a third of young adults are expecting to have a single career for life. But many people do not know how best to navigate these changes or where to get information and advice on what opportunities are out there.
Retirement isn’t a one size fits all anymore.
When you reach your mid-sixties you may want to continue working full or part time, try something new, set up your own business, devote more time to a new hobby or seeing loved ones.
Whatever your ambitions, it’s important you take control.
Preparing for tomorrow means being open to change. Stan and Ann, who feature in our video, found ways to make their careers work for them.
In this article we delve deeper into how someone could end up with a savings gap and advocate for increased access to information and guidance about both their finances and their careers.
The employment, learning and savings structures in place haven’t been built around the reality of our longer lives. This can leave people with less than they need to achieve the retirement they want, when they want it. It’s this potential shortfall that we call the pension savings gap.
On average, we're living longer than previous generations. This means we need to think about how and when we work and save for the kind of retirement we want. That’s why it’s important that we start thinking about work in different ways.
Of workers in their 50s said their job was unfulfilling*
Of people we surveyed expected to retire by the age of 65**
Of adults would be interested in getting information about career options***
Of today's workforce lack the skills they will need in 2030 to perform their job well****
Our resources
The research behind our insight:
^ Includes those aged 50-64 who are either Unemployed (239,700) or who are Economically Inactive and want a job (526,600)
Phoenix Group is the brand name of Phoenix Group Holdings plc, its subsidiary companies and brands.
We are the UK’s largest long-term savings and retirement business with around 12 million customers and over £280 billion assets under administration. It’s our mission to help everyone work towards retirement and stay with them for the whole journey.
It’s going to take different ways of thinking to achieve the retirement we all want. Our aim is to transform the way society responds to the possibility of living longer by starting conversations and inspiring the action needed to make better, longer lives a reality for us all.