Monday 18th April 2016, 14:30 - 16:30, House of Lords
In December 2015, the International Longevity Centre – UK published Understanding Retirement Journeys: Expectations vs Reality, a major containing new insights into what retirement is really like. The report, funded by Prudential, busted the myth of older people splashing their retirement cash on leisure and holidays. Instead, the report found that consumptions falls during retirement, with a household headed by someone aged 80 and over spending, on average, 43% less than a household headed by a 50 year old.
The report also looked into how daily activities change with age. While retirement does not lead to more holidays, time at home alone significantly increases while time spent with family and friends falls. By age 90+, watching television and spending time at home alone are the most common daily activities.
The report’s findings have significant implications for pensions policy – especially in light of the new pension freedoms which enable people to use their pension pots more flexibly in retirement as their needs change. And the fact that people are saving into retirement is also highly relevant from a macroeconomic standpoint.
During this private roundtable discussion, attendees are invited to discover how people really spend their retirements. We will also be discussing how best public policy and the financial services industry can work together to deliver products and services that meet changing needs in retirement.
This is a private roundtable discussion between parliamentarians and representatives of the pensions industry.