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UK Retirement Planning Market: Average Retirement Age Increasing Market Expansion in Coming Years
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Retirement Planning Market in United Kingdom: Major Insights
The report states that the length of the average retirement is rising. The reports throws light on the expectation of life for those aged 65 and over and UK period principal estimate from period between 1981 until 2064. The report suggest that the auto-enrolment has improved workplace pension ownership in United Kingdom. The report states the proportion of employees with workplace pensions, by pension type for the period ranging from 1997 to 2016.
The report also reveals that almost two thirds have at least one pension product, but more than half have financial products other than pensions for retirement in United Kingdom. Thereby, the family as well as friends top the list of most expected sources in UK region. The major outlook for retirement savings contributions in October 2017 are discussed in the report. The report also reveals that working later in life is becoming an accepted norm, particularly for women in United Kingdom.
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The report highlights the fact that relying on friends and family in retirement may undermine other planning of retirement in UK. FCA and the government is focusing on improving support in retirement planning market in UK. The report reveals that the length of the average retirement is increasing in the retirement planning market in UK. The report talks about the longer life expectancy leads to a greater dependence on state support. The report also suggest that the rate of increase in the state pension age has been accelerated. The study also states that millennials to bear the brunt of the drop-off in DB schemes. The report highlight that the one in ten people aged 65+ are still working in United Kingdom. Also, as per the report, the younger people recognize that they will need support for the retirement planning. The report also states that older people are less keen on later life entrepreneurship scheme.
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