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Does Traditional Retirement Still Exist?

One in three of the UK population is over 50[i] years of age, and your influence is growing. Post Office research found that 68% of the over-50s think traditional retirement no longer exists. If that’s true, what has taken its place? And how do you get what you want from the golden age?

Knowing what you want from midlife

Post Office discovered a new wave of midlife tribes[ii] who are changing how we think about retirement and beyond. Whether you fall into or outside one or more of them, deciding what you want retirement to look and feel like is key to making the most of it.

Family Builders (23% of all Over 50s) – family focussed with 1 in 4 hoping to give their loved ones financial support. They are the group most likely to have already retired, but many are also working full or part-time. Family Builders enjoy their routine and relaxing at home with loved ones around them; even when heading off on holiday they’re likely visiting somewhere they’ve enjoyed previously.

Elderpreneurs (18% of all Over 50s) want to pursue new career ambitions – 1 in 4 have started a business. Last year, more than 43% of all new businesses were started by people over 50, according to the Office for National Statistics[iii]. While many are positive about their financial outlook, this does pose an element of risk and uncertainty to their long term financial stability

New Horizonians (8% of all Over 50s) are 71% more likely to try something new from midlife and beyond. Travel is a central part of this and they go on holiday over three times a year – more than any other group. However, one in four expect to see their finances take a hit in the next 12 months – the highest of any tribe.

Fitness Finders (11% of all Over 50s) are particularly health focused. Working out more than four hours a week on average, more than any other tribe, they are frequent gym-goers and swimmers. However, Fitness Finders are the least likely of all the midlife tribes to have savings

Community Champions (8% of all Over 50s) are keenly involved in their local community or spend their free time volunteering for a charity. Community Champions thrive on interaction with others and are often financially stable, having nearly £60K worth of investible assets tied up in ISAs and savings accounts.

New Lease of Lovers (5% of all Over 50s) are on the lookout for their potential soulmate and see dating as the main focus of their lifestyle. As confident web users, they make best use of online dating services and most likely to have sole financial responsibility for elderly parents

Those surveyed who don’t fall into one of the emerging tribes are most likely to have a less secure financial situation, meaning they are likely less able to pursue personal ambitions and goals that could jeopardise their finances

Get your safety net in place

Peace of mind gives you the freedom to focus on the things that are important to you and live the midlife you want to live. Instead of worrying about leaving your family with unsettled bills or funeral costs when you’ve gone. So whether you want to work into retirement or sit on a beach sipping cocktails, Over 50s Life Cover from Post Office means you can relax and enjoy it. You’ll also get £50 worth of Argos gift cards when you buy your policy.*

Find out how much cover you could get

Use the Post Office Money Over 50s Life Cover calculator to discover how much you could get, and what your monthly repayments will be.

Remember, the offer expires on 30 November 2018 Apply here today and get £50 worth of Argos gift cards.

*T&Cs apply and can be found here 

Notes
[i] ONS, population figures, access the full report here
[ii]Unless otherwise stated, all research comes from Opinium Research. Opinium Research conducted 2,078 online interviews with over 50s, weighted to a nationally representative criteria between the 13th and 16th April 2018
[iii] Data from ONS Study ‘proportion of self employed by age’ view full study here (Table 1)
Disclaimer
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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