UK. Aviva and Age UK launch mid-retirement support pilot
Aviva and Age UK are launching a pilot program to help retirees manage their finances and make their pension savings last longer.
The “mid-retirement MOT” will provide financial and wellbeing checkups through Age UK’s National Advice Line and in-person sessions delivered by local Age UK organizations. It will initially target people aged 72 to 76 with defined contribution pensions in Norwich, York, Bristol and Sheffield.
Participants will receive guidance on pension savings, state benefits, estate planning, powers of attorney, household budgeting and avoiding fraud.
The 12-month pilot will begin later this year. Aviva and Age UK said its findings could support the development of a government-backed national program for people in mid-retirement.
Research published by the organizations last year found that 48% of mid-retirees were confident their private pension savings would last for life, while 65% said there was insufficient support for managing their financial needs.
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