The fourth in our continuing series where we seek to understand more about real lives in the UK today. We’re talking to people about the issues that matter to them, and their outlook on life.
Almost 12.5m Britons have now retired – about 20% of the population. Of these, 8.5m currently enjoy private pensions, in addition to what the state pays them. How do they view retirement and old age?
A further 1.7m of those aged 60 and over are working, but will be able to access their private pension pots soon. Recent changes in the rules mean that they’ll be able to withdraw more of their money, tax free. Will they splurge, invest or cautiously save the money?
We visited Greater Manchester to find out.
Retirement is not necessarily welcomed.
With finances reasonably secure, continued good health is of greater concern.
Pension reform is cautiously welcomed.
More attention is paid to finances now.
When they were younger, very few realised how important their pensions would be.
Experiences, not new possessions, are the occasional extravagance.
So, what next?
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