Retirement reality: Managing money in mid-retirement
By Aviva
People in their mid-70s overwhelmingly report that they want the security of an income for life, yet very few are confident that their savings will last. Many underestimate how long they need to budget for and tend not to engage with ongoing planning as they age. Modelling shows the risks of remaining in drawdown and the benefits of Flex First, Fix Later solutions that include later-life annuitisation as a way of addressing these challenges. Such an approach would balance the need for flexibility with the security of a steady income in later years, as health issues, family changes, and cognitive decline increasingly make financial decisions more
challenging. As retirees’ circumstances vary, there is a compelling need for flexible products and appropriate guidance to support active decision-making throughout retirement, helping everyone get the most out of their hard-earned pension savings.
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