A research study looking for Volunteers

Living past 70, have you planned well?

Aegon an English pension and life insurance company asked a panel of 700 consumers from age 18 to 64 to reflect on aspects of life that might influence their financial well-being at age 70 such as work, health and caring responsibilities.

This year there is an increasing number of people who are celebrating their 70th birthdays. As these partiers face the future and all of the challenges it will bring them. Our hope is that they have done all they can to ensure they have all they need to be financially secure in later life.

However, the survey revealed that more than one in four people (26.9%) think they will be working either full or part-time at age 70, with women (24.5%) slightly less likely than men (27.5%) to think this despite them on average living longer. This suggests a clear move away from the previous practice of women retiring at 60 and men at 65.

Working into later life is only possible for those who remain in good health, and it’s positive to see that 45.8% of people believe they will still be fit and healthy enough to work if they choose to at the age of 70 although it’s risky to have no fallback plan should health deteriorate. In general, the survey revealed that most people envisage being physically and mentally fit and able at the age of 70.

• 50.1% believe they will be fit and healthy enough to enjoy their retirement fully.
• 65.7% believe they will be physically active at age 70.
• 62.6% believe they will be mentally agile at age 70.
• 73.5% are confident they will be financially stable at age 70.

Nearly one-fifth of people (19.5%) think that they will still be financially supporting the family when they are 70. And an additional 21.8% were unsure. This suggests the bank of mum and dad will be a feature of an increasing number of septuagenarians.

Being prepared for later life isn’t just about the amount you have in your pension, although a healthy pension pot certainly helps. There are other influences to consider when it comes to financial well-being. 

You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.

Statistics show that the life expectancy at 70 is almost 15 years for men and almost 17 for women meaning people are living well beyond their 70th birthday.

It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining ‘retirement moment’ at which they stop work. For some, working beyond the past ‘traditional’ retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs. 

However, it’s risky to plan on working indefinitely with no fallback plan. It’s difficult to predict your future health, particularly into your 70s meaning it’s always best to start making some financial provision for life after work as early as possible. Speak with a financial adviser who can offer tailored advice to meet your personal needs and circumstances.

World without retirement, coming sooner than you think

Are we heading towards a world without retirement? We know that Boomers are changing what retirement means.  From a personal perspective, we can redefine what work means to us. It is interesting that Boomers are not alone in looking at the reshaping of retirement. Generation X (born between 1960-1980) and Millennials (born between 1981 and early 2000) are disconnecting from the traditional idea of retirement. 

Some of the reasons may be that changes to government retirement policy tend to confuse most of us. The idea of a state pension can give a false impression that it will provide enough for a comfortable retirement when the reality is that it only delivers a basic income. Because of this wrong impression, many switch off when the subject of pension provision is discussed.

People are concerned and many know or think they will have to work at least parttime when they retire. Not because they want to but because they have to work. In their report Gig Economy Workers and the Future of Retirement,(pdf file) investment firm Betterment found that 16% of Americans plan to take a gig job in their retirement. Similar numbers are likely in the UK. Another option for retirement might be a combination of flexible working, it could be finally turning a hobby into self-employment, it could be a combination of part-time work, mentoring, volunteering and retirement. There are no set rules any longer.

However, retirement can still mean stopping work altogether, but for a growing number, retirement is being redefined as something that is just one stage in your life – a stage that could enable you to take a different path to increased levels of wellbeing and financial security. 

Whether it’s developing a ‘side hustle’ or opting for semi-retirement, a key takeaway is that it’s crucial for workers to nurture different options for their autumn years

According to research from pension firm Aegon, more than one in four people (27%) think they will be working either full- or part-time at age 70.


Money,  or lack thereof, is a key component to this trend. Last year a survey from the Financial Conduct Authority found that one in three people in the UK has no pension savings, and will have to rely entirely on a state pension in their retirement.

Another option is to work parttime in the gig economy and become semi-retired. Semi-retirement is becoming increasingly attractive. According to research from HSBC,(pdf file) more than half (54%) of working age people who plan to retire want to stay in the same job or career but work fewer hours.

If it’s handled well, developing a flexible career now could mean retirement becomes an evolution of the work you are already doing. This could be a good thing, not only from a financial standpoint but also in terms of wellbeing.


What “retirement” actually means today is clearly changing, and this is affecting the workforce as well as individuals. According to Aegon, since 2000 the balance of the workforce has changed. People increasingly delay retirement, or work in a different capacity beyond typical or state pension ages, resulting in a higher number of older workers.

Business is becoming acutely aware of the value their older employees bring to their enterprises. Often, employers don’t want to lose the expertise, skills and experience older workers have so they are willing to allow workers to "semi-retire". 

Cleaning House

I had walked down to pick up the mail, and upon my return, my neighbour asked if I felt good about the clean-up. I had to think about that for a few minutes but my quick reply was not really. For the last two weeks, we have been cleaning out our house. I understand that Spring Cleaning usually takes place in the Spring, but being retired means you can do the work anytime. We brought in a large 20-foot-long container to make the job easier and it was.

Two years ago, my mother-in-law died and after her death, my wife and I were faced with a problem of what to do with her stuff. When my mom died it took my brothers and me about two years to sort through her stuff and make decisions. So I was not going to pressure my wife on what to do with her mom's stuff. While much of my mother-in-law's big stuff, furniture, and some small stuff were taken by nieces and nephews, there was a large amount of stuff that was left, so it ended up in our garage for safekeeping.

I am a collector and over the years the garage was filled with things that I might use one day, or that I thought I might need or might want to fix-up. Adding my mother-in-law’s stuff just made the garage look more like a hoarder’s dream than a garage.

After much discussion, we decided to make the move and clean out our stuff. I had come to the realization as had my wife that our children and nieces and nephews, and young cousins do not want our stuff. They have a different attitude toward what they consider valuable. It was time to act, so the bin was moved to the front of our house and we began to clean-up. I started. It was very simple, too good to throw out, to charity. Not good enough for charity throw it out. Two weeks later we have finished the job, and thus my neighbour's question and my response.

The easy answer was yes, I felt good about the fact I no longer had a hoarder’s garage, but I felt sad about losing the tangible items that when looked at invoked memories of earlier times. My wife said to me if we have to sell to move into an assisted living situation in the next ten years it will be a lot easier to make the move, I agreed but have no desire to move into that situation for at least 20 years.

We are not finished because we tend to accumulate over the years. So, while we still have boxes of “stuff” to go through, but we know the “stuff” in the boxes is either to keep or to give to charity, not to throw out. This cleaning up is a first step in letting go and moving on and starting to make an ending. This involves more than just throwing out your stuff. The cleaning house we just completed is a good ending as it required me to let go not only of what I used to have and do. I still have the memories so it is time to look forward to life’s next adventure.

We must be willing to let go of the life we have planned so as to accept the life that is waiting for us.” Joseph Campbell