A great deal of work has been done by the pension and annuity industry over the years trying to understand more about our ageing population and what their views are on retirement. Indeed, Standard Life have published research under the heading ‘The Death of Retirement’, with interesting findings. For starters, when this age group were asked about their aspirations in respect of their long term future, 46-65 year olds are far more ambitious than their parents’ generation ever were with travelling more being key for many.
Many wanted to learn about a new skill; 30% of a representative sample of 46-65 year olds said they hoped to learn a new skill such as a new hobby or perhaps a new language. Some were actually saying that they thought they might start a new business; 6% of a representative sample of 46-65 year olds said they wanted to embark on a new business venture. This wish increases only slightly amongst the wealthier group.
Some said they wanted to work, but on their own terms; 30% of a representative sample of 46-65 year olds said they wanted to continue to be involved in work but only if they could do it their way. Does this mean they would delay buying their pension annuity?
I just wonder if these aspirations, and there are more in the comprehensive report, are affordable to the typical UK retiree. I have my doubts. I doubt that getting the best annuity rates, when looking at annuity quotes, and relating these to typical pension fund values, would be nearly enough.
