A radical rethink is needed for ‘uncharted territory’ of life after 50: Aegon

A radical rethink is needed for ‘uncharted territory’ of life after 50, according to a report published by Aegon.

Steven Cameron, pensions director at Aegon, said life after 50 is more likely to be multi-staged than follow the historic convention of education, work and retirement. He added those entering their 50s today have vastly different prospects from those of previous generations.

Cameron said the UK Government and employers have vital roles to play in supporting a longer, more varied working life for the UK population.

Aegon's report, The Second 50: Navigating a multi-stage life, found the main reasons for working into later life were not negative, as previously perceived and that 57 per cent of those over 60 surveyed for the report said they had an enjoyment of working life and 54 per cent said it was to keep their mind sharp.

Cameron said: “As we see record numbers of people in the UK celebrating their 100th birthday, we want to start a conversation about how varied people’s second 50 years may be and to help people better understand and navigate them.

“The second 50 is a new phase of life that is vastly different to the prospects our parents and grandparents had when they reached age 50. It’s uncharted territory and we can’t simply look to what’s gone before to know how to manage it.

Living to 100

Aegon said it wanted explore the second 50 not just with individuals, but with employers, the financial services industry and government, to "create a landscape that is truly fit for purpose for everyone’s life after 50".

Cameron added: “Whether it’s employment and pension law or the state pension, the Government has the responsibility to support and the power to shape people’s Second 50. For example, we’d like to see the Government offer more flexibility around when people can access their State Pension.”

The research, which polled 1,000 adults, used Aegon research and the latest available UK national statistics to help identify the ways in which life after 50 will differ.

Its findings include considerations for people to make the most of a longer, and more varied working life. It sets out five fundamentals of life after 50 that are changing significantly and unique to each individual. These include work, wealth, family, health and wellbeing.