2025退休生活方式报告 Retirement Lifestyle Report 2025-Quilter

Retirement

Lifestyle

Report2025

August2025

Contents

Foreword 3

ExecutiveSummary 4

Chapter1:

IntroductionandRetirementPersonas 6

Chapter2:

TheRetirementSpendingIndex 14

Chapter3:

Retirementincome 18

Chapter4:

Livingstandards 26

Chapter5:

Futureplans 30

Chapter6:

Conclusionandrecommendations 36

RetirementLifestyleReport20253

ForewordbyStevenLevin,

ChiefExecutiveOfficer,Quilterplc

Retirementplanningisdifficult.

Inaworldwheretheburdenofsavingforretirementisplacedsquarelyonindividuals,peoplefaceamyriadofchallengingquestions:

HowmuchmoneydoIneedinordertoenjoymyretirement,basedonmycurrentlifestyle?

HowimportantwillmyStatePensionbeaspartofmymonthlyorannualincome?

AtwhatageshouldIbelookingtoretire?

HowwilltheincominginheritancetaxchangesimpactthelegacyIwishtoleaveformyfamily?

Westrivetocreatebrighterfinancialfuturesforevery

generation.Retirementplanningisacrucialpartofthis,regardlessofyourage,butweneedpowerfuldata-ledinsightstohelpprovidethebestpossibleadvicewecan.

Thereisabundantdataonretirementadequacy,savings,andsingleissuesimpactingpensionerslikechangesto

inheritancetaxandenergycosts.Governmentbodiesandcorporateorganisationshaveallproducedresearchon

retirement,butthereisnocomprehensive,layeredstudyonhowretirementincomeandspendingdifersacrossdiferentcohorts,norhowthesegroupsdiferintheir

priorities,concernsandfinancialplans.

Wewanttoaddressthisblindspot.Ouraimistoprovideourcustomers,theindustry,policymakersandother

stakeholderswithanaccurateannualpictureofhow

retireesaredeployingtheirsavings,whattheyspendtheirmoneyon,andhowcontentorconcernedtheyareaboutmaintainingtheirqualityoflifeintheyearsahead.

ThisiswhywehavecreatedtheQuilterRetirement

LifestyleReport.Ittracksmonthlyandannualisedretireeincomeandspendingacrossvariouscategories.Basedonasurveyof5,000UKretirees,theresearchbreaksdownspendingbyage,gender,region,relationshipstatusandincome,providingbothanaverageretireeincomeandagranularviewofannualexpenditures.

Tocreatearobustspendingindex,wecollaboratedwith

theCentreforEconomicandBusinessResearch(Cebr),

whodevelopedamethodologythatwecanrunandtrackannually.Thiswillprovideyear-on-yearspendingdata,

allowingustoidentifytrendsinretireespendingbehaviourandincomelevelsovertime.

Butthereportcoversmorethanjustspending.Italsoprovidesanin-depthpictureofincomeforretireesacrosstheUK.Wesurveyedtheretiredpopulationtounderstandtheirlevelsandsourcesofincome,howithaschangedandwhy.

Wealsoaskedquestionstouncoverretirees’satisfaction

levelswiththeirretirementincome.Theytoldushowtheyfeelabouttheirfinancialsituation,howtheyfeelabout

theirprospects,andmuchmore.Inthefaceofprofound

changestoretirementandinheritancetaxpolicy,weaskedhowretireesfeelabouttheGovernment’sactions,andwhatactiontheyareconsideringinresponse.

Tobringthesefindingstolife,wecreatedsixretiree

personas,basedonincomeandage,derivedfrom

econometricanalysisofthesurveydata.ThesepersonasoferanuancedpictureofspendinghabitsandfinancialconcernsacrossdiferentgroupsofUKretirees.

Weareexcitedbythedepthofinsightthislong-termresearchprojectprovides.Eveninitsfirstiteration,keythemesemerge:

Withgeopoliticalshiftsreshapingglobaleconomies,

retiringwithoutthesecurityofadefinedbenefitpensionpresentsgrowingrisks.

Contrarytostereotypes,manyBabyBoomersrelyheavilyontheStatePensiontomeetbasicfinancialneeds.

Ongoingchangesinpensiontaxtreatmentaredisruptingevenwell-laidretirementplans.

Despiteclearbenefits,toofewretireesseekfinancialadvicetonavigatethesechallengesefectively.

Ourresearchhighlightstheserealities.Overtime,wewill

trackhowmacroeconomicandmicroeconomicevents

afectretireeincomeandspending,helpingusbuildamoredetailedpictureofretirees’financialchallenges.Thisisjustthebeginningofourjourneytobetterunderstandand

supportthoseplanningfororlivinginretirement.

WearedelightedtopublishourinauguralRetirementLifestyleReport,andhope

youfinditinsightful.

StevenLevin,

ChiefExecutiveOfficer

4RetirementLifestyleReport2025

ExecutiveSummary

GettingtogripswithUKretirees

Quilter’sfirstRetirementLifestyleReportsetsouttofillagapinUKretirementresearch:asinglepieceofresearchthat

bringstogetherspending,incomeandsentimentdataamongtheUK’sretiredpopulation.Thestudy,runwithCensuswideandtheCentreforEconomicsandBusinessResearch(Cebr),surveyed5,001retireesacrosstheUKinFebruary2025,

modellingtheirmonthlyandannualoutgoingsacross38

spendingcategories.Itsaimistogiveclients,advisersand

policymakersanup-to-dateviewofwhereretireesmake

andspendtheirmoney,andhowthatpictureshiftswithage,incomeandinthefaceofpolicychanges.

Howthedataweregathered

Fieldworkwasconductedbetween13-19thFebruary2025,coveringasampleof5,001retireesacrosstheUK.

Oncethesurveywascompleted,Cebrusedeconometric

techniquestocalculaterepresentativebasketsofspendingacrosscategoriesandcreatedsixretirementpersonas

definedbyageandhouseholdincometomeasure

diferencesinattitudesandbehavioursacrossthesegroups.

Thepersonasaredividedamongthreeagegroups-thoseagedunder65,66-79,and80+-andbetweenthosewith

incomesaboveandbelow£35,000peryear.Thesegroups-Early-ageScrimpers,Early-ageSpenders,Mid-ageStretched,Mid-ageComfortables,Late-ageStateDependantsandLate-ageIndependents-providethebackboneofouranalysis.

Theyhelpillustratehowprioritiesandpressuresdivergeacrossthe12.3millionpeoplealreadyretired,fromthealmostoneinfivewholiveon£20,000orlessperyeartothesmallminoritydrawingmorethan£100,000.

Spending:£22,140ayearonaverage,buthugediferencesacrossgroups

TheheadlineRetirementSpendingIndexshowsamean

spendof£1,845amonth,or£22,141ayear.Housingcosts,

groceriesandholidaysabsorbthelargestproportionofthis,butdiscretionaryitemsshiftsharplybypersona.Forexample,holidayexpenditurerunsto£6,723forLate-ageIndependentsyetonly£1,387amongLate-ageStateDependants.

Ageonitsowndoesnotalwayscutspending.Higher-incomeretireescontinuetopayfortravel,eatingout,giftsandotherexpenseswellintotheireighties,whilelower-incomepeers

tightenspendingoneverymajorlineitem.Groceriesillustratethepoint:themonthlybillfallsfrom£295forEarly-age

Scrimpersto£191forLate-ageStateDependants,yetholdsrelativelysteadyat£399and£402respectivelyforthesameagespanwithinthewealthiercohort.

Theresearchalsoshowsgiftingtobeanoverlookedoutlow.Theaverageretireegives£1,323ayeardirectlytorelativesandafurther£1,175towardseducation.Early-ageSpenders-thegroupwiththehighestgiftingfigures-gifts£4,836torelativesandafurther£4,791tocharity.Thisunderscores

theintergenerationallowofretireecash,andthecriticalroleretireesplayinthewidereconomy.

ConsiderablerelianceontheStatePensionamonglowincomeretirees

Acrossthewholesamplethemediangrosshousehold

incomeis£35,000,closetoaverageearningsforaworkingadult.Themean,skewedbyhighearners,reaches£52,780.

TheStatePensionplaysanenormousroleinmaintainingretirees’livingstandards:itaccountsfor47%ofincomefor70-74-year-oldsand50%forthoseover80.High-incomeandadvisedretireesarelessreliantontheStatePension,butlower-incomepersonas,theMid-ageStretchedandtheLate-ageStateDependants,relyonitformorethanhalfoftheirincome.

RetirementLifestyleReport20255

Halfofretireessawtheirincomeriselastyear,yetthe

averageupliftof1.34%wasalittleunderhalfofUKinlationduringthesameperiod.Early-ageScrimpersevenrecordedaslightfall.Wefoundthatincomesatisfactiontracksheavilytoincomelevelanddeclinesmarginallywithage:63%of

retireesoverallarecontentwiththeirincome,butthis

risesto85%amongtheyounger,higher-incomeEarly-ageSpenders,comparedwith52%amonglower-incomeretireesofthesameagegroup.

Living-standardsworriescutacrossincomelines

Justoverhalfofretireesfeartheycannotmaintaintoday’sstandardoflivingoverthenext12months;18%areveryconcerned.Inlationandtherisingpriceofessentialstopthelistofconcerns(around40%each).Better-ofretireesareparadoxicallymoreanxious:72%ofEarly-ageSpendersreportconcernversus53%amongretireesoverall.Lower-incomepersonascitepotentialcutstobenefits,especiallythetriplelock,asasignificantthreat.

Thesefearsarealreadychangingbehaviour.Aquarter(26%)plantocutdiscretionaryspending,onefifth(21%)willtrimessentials,andoneinten(9%)arecontemplatingfood-bankuse.Youngerretireesarethemostactive:only12%under-55sintendto“donothing”,comparedwith32%overall.

Policyshiftsarereshapingretirementstrategy

Inheritancetaxchangesthatbringpensionpotsintoscopeforinheritancetaxfrom2027arealreadydrivingaction.

Forty-onepercentsaythecurrentpoliticalenvironmenthasimpactedtheirplans;amongthosewithover£1millionthisrisesabovetwo-thirds.Morethan60%ofretireesexpecttotakeactiontoprotecttheirassetsandmanagetaxliabilities,withadvisedhouseholdsthemostproactive.

Quilter’srecommendations

ConsultonStatePensionupratingandcommitto

consistency:TheGovernmentshouldconsultontheStatePension,encourageUKpoliticalpartiestoagreeanincomelevelrelativetomeanfulltimeearnings,andcommitto

asustainableupratingmechanismthatisacceptabletoprovideaminimumstandardoflivinginretirement.

Providetargetedsupportfortheunadvisedmajority:Astructuredtargetedsupportregime,oferedearly

andatkeydecisionpoints,wouldhelpretireeswhoareunableorunwillingtoaccessfullfinancialadvicetomakeinformedchoices.

Modernisethegiftingallowancetosupport

intergenerationalfinancialresilience:Cognisantofthe

increasedrevenuegeneratedbypensionsbeingbrought

intoscopeforIHT,theGovernmentshouldmodernisethe

annualgiftingallowance.Amodestincreaseto£9,000,for

example,wouldbetterrelectmodernfinancialrealities,alignwithexistingsavingsvehicles,andsupporttheGovernment’sgoaltofosterahigh-growth,investment-ledeconomy.

6RetirementLifestyleReport2025

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

Chapter1:

Introductionand

RetirementPersonas

Anoteonthemethodology

Thefindingsofthisreportarederivedfromasurvey

commissionedbyQuilterandconductedbyCensuswide

whichpolledasampleof5,001retireesbetween13th-19thFebruary2025.

Thesurveyaskedretireesabouttheirgrosshousehold

incomes,sourcesofincome,spendinghabits,andtheir

perceptionofboththeirfinancialsituationandtheimpactthatgovernmentpolicyhashadontheircurrentsituationandfinancialfuture,alongwithanyactiontheyplannedtotakeinresponse.

Toenrichtheinsights,Cebrperformedaneconometric

analysisofthesurveydata.Thisallowedforadetailed

breakdownofindividual-levelspendinghabitsacrossa

predefinedbasketofgoodsonamonthlyorannualbasis.Further,Cebr’sanalysisledtothecreationofsixretirement

“personas”-cohortsofretireeswithcommonattributes,habitsandconcerns,dividedupbyincomelevelandagegroup.

Thefollowingpagesintroducethesesixpersonas-the

primarycohortswithintheUKretireepopulation-providingvaluableinsightintohowspendingprioritiesandfinancialconcernsshiftacrossdiferentsegments.

Subsequentchapterswillexplorehowthesegroupsdiferacrossvariousaspectsofretirement,includingincome

sources,expenditurepatterns,financialconfidenceandresponsestoeconomicandpolicychanges.

TheRetireePersonas

TogetherwithCebr,wecreatedthesesixpersonasthroughanexploratoryreviewoftherawdata,basedonthekey

demographicsplitsthatleadtodiferingresults.Dueto

smallsamplesinsomeareas-particularlyamongtheoldestgroups-allpercentagefiguresareexpressedinunweightedterms.Wealsoremoved“don’tknow”and“notapplicable”responseswhereappropriate.

Ouranalysisuncoveredseveralhigh-levelinsightsintohowdiferentfactorsinluenceretirees’behaviourandattitudes:

Spendingpatterns-bothessentialanddiscretionary

spending-areprimarilydrivenbyacombinationofageandincomelevel.However,evensomelower-income

retireesareacriticalsourceoffinancialsupportfortheirfamilies,giftingsignificantamountsandcontributingtoeducationcosts.

Concernsaboutstandardofliving-olderretireesare

generallylessworriedabouttheirabilitytomaintain

theirlivingstandardsovertimethantheiryounger

counterparts.Thismaybeanacknowledgementoftheirshorterremaininglifeexpectancy,andthereforethe

shorteramountoftimetheyneedtomaketheirincomelastfor,butitalsolikelyrelectsthefargreaterrelianceonstateprovisionamongolderretirees.

Financialplanning-higherincomeretireesarefarmorelikelytoseekfinancialadvice,atrendthatisinversely

correlatedwithage.Thosewhoseekfinancialadvicetendtobemoreengagedintaxplanning,morelikelytohavetransferredoutofadefinedbenefitpension,andmorelikelytobeconcernedaboutfactorssuchassecond

homesandcarecosts.

RetirementLifestyleReport20257

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

CompositionoftheUK’sretirementpopulation

Early-ageScrimpersEarly-ageSpendersMid-ageStretched

Mid-ageComfortables

Late-ageStateDependentsLate-ageIndependents

4%536,108

5%625,992

36%4,402,917

27%3,293,922

21%2,514,851

7%867,189

01,000,0002,000,0003,000,0004,000,0005,000,000

Estimatedtotalnumberofretirees:12,267,979

8RetirementLifestyleReport2025

*Thesurveycollecteddataonhouseholdincomesources,whichwerethenmodelledtoprovidebreakdownsofpersonalincome.Asaresult,someretireesunder-65reportanincomefromtheStatePensionduetoolderpartners.

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

TheEarly-ageScrimpers

Thefirstofthepersonasarethe“Early-ageScrimpers”-retireeswho

areunder65whoarefullyretiredwithapersonalincomeof£35,000orless.Themajority(59%)ofEarly-ageScrimpersaremarried,while13%aresingle,10%areinarelationshipoutsideofmarriageand9%aredivorced.Theremaining8%arewidowed.

Sourcesofincome

7.26%

7.60

.66%

%

3

0.39%

6.90%

8.8

.55%

3%

10

17.80%

10

0%5%10%15%20%25%30%35%

StatePension*

Income-relatedBenefitsDisability-relatedBenefits

OccupationalPensionSchemePersonalPensionScheme

InvestmentIncome

EarningsIncomeOtherIncome

Incomesatisfaction

Most(41%)sawtheirincomeincreaseorstaythesame(32%)overthepastyearbutsomesawsignificantdeclines,leadingEarly-ageScrimperstobetheonly

personathatreportedanaveragedeclineinincomeoverthepastyear,at-0.15%.

Most(61%)aresatisfiedwiththeirincome,althoughthisisbelowtheaveragesatisfactionlevelamongretirees.

Aroundhalf(52%)expectincometostaythesameinthenext12months,while38%expectittoincrease.

Concerns

Aroundhalf(53%)areconcernedaboutmaintainingtheircurrentstandardofliving,with20%expressingseriousconcern.

Althoughtherewasnostandoutreasonforconcern,themostcitedreasonsarerisinglivingcosts(40%)andpotentialreductionsinpensionerbenefitsbythe

Government(31%).

Approximatelyonequarter(24%)statedtheywouldcutbackonspendingtopreservetheirstandardofliving.

Financialplanningandadvice

Nearlyhalf(45%)arecurrentlyreceivingfinancialadvice,slightlyabovethe43%averageforallretirees.

Most(52%)expectthecurrentpoliticalenvironmenttoimpacttheirinheritancetaxplanning.

Themostcommonactionistofindtax-efficiencies(23%)andgiftmoretofamilyandfriends(18%).

Mostofthoseforwhomitisapplicable(56%)havenottransferreddefinedbenefit(DB)pensionsintodefinedcontribution(DC)pensionschemes.

RetirementLifestyleReport20259

*Thesurveycollecteddataonhouseholdincomesources,whichwerethenmodelledtoprovidebreakdownsofpersonalincome.Asaresult,someretireesunder-65reportanincomefromtheStatePensionduetoolderpartners.

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

TheEarly-ageSpenders

Nextareour“Early-ageSpenders”,retireeswhoareunder65,fullyretiredandearnabovethe£35,000medianincome.ComparedtoEarly-age

Scrimpers,Early-ageSpendersarefarmorelikelytobemarried,with79%marriedoverall,whileonly6%aresingle,afurther6%aredivorced,5%areinarelationshipoutsideofmarriageand4%arewidowed.

Sourcesofincome

8.

38%

16.34%

22.1

3%

11.65

8.86%

10.21%

14.54%

%

7.88%

0%5%10%15%20%25%

StatePension*

Income-relatedBenefitsDisability-relatedBenefits

OccupationalPensionSchemePersonalPensionScheme

InvestmentIncome

EarningsIncomeOtherIncome

Incomesatisfaction

Approximatelytwo-fifths(41%)haveseentheirincomeincreaseoverthepastyear,while31%saidithasstayedthesame.

Morethanfourfifths(85%)aresatisfiedwiththeirincome.

Most(58%)expecttheirincometostaythesameinthenext12months,whileathird(32%)expectittogoup.

Concerns

Despitetheircomparativelystrongfinancialpositionandrelativelyyoungage,mostEarly-ageSpenders(72%)areconcernedaboutmaintainingtheirstandardofliving,with29%describingthemselvesasveryconcerned.

Theirconcernsarevaried,withnosinglefactorstandingout.Alloptionsinthe

questionnairewereselectedby23-29%ofconcernedpeople.Almostathird

(29%)expressedconcernsaboutwithdrawalofpensionerbenefits,while28%

highlightedthepotentialimpactofinlationontheirlivingcostsand27%saidthehighcostofessentialsmeanttheywerespendingtheirmoneyfastereachmonth.

Justoneinten(12%)ofEarly-ageSpendersplantotakenoactiontomaintaintheirstandardofliving.Themostcommonplannedactionsareapplyingforbenefits(23%)andcuttingbackondiscretionaryspending(23%).

Financialplanningandadvice

Themajority(78%)arecurrentlyreceivingfinancialadvice,andafurther16%havedonesointhepast.

Most(71%)expectthecurrentpoliticalenvironmenttoimpacttheirinheritancetaxplanning.

Mostcommonactioninresponsetogovernmentpolicyistousetrusts(30%)andfindtaxefficiencies(30%).

Mostofthoseforwhomit’sapplicable(67%)havetransferredDBpensionsinto

DCpensionschemes.

10RetirementLifestyleReport2025

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

Mid-ageStretched

The“Mid-ageStretched”areretireesaged65-79withapersonalincomeof£35,000orless.Astheirnamesuggests,theseretireesarestretchedfinancially.Theyderivejustoverhalf(52%)oftheirincomefromthe

StatePension,withsmallerportionscomingfromotherpensionsand

investments.Aroundhalf(53%)aremarried,while19%aredivorced,11%eacharedivorcedorwidowed,andtheremaining6%areinarelationshipoutsideofmarriage.

Sourcesofincome

3.22

%

52.31%

3.41

%

22.30%

9.71%

l2.03%

2.90%

4.12%

0%10%20%30%40%50%60%

StatePension

Income-relatedBenefitsDisability-relatedBenefits

OccupationalPensionSchemePersonalPensionScheme

InvestmentIncome

EarningsIncomeOtherIncome

Incomesatisfaction

Justunderhalf(44%)haveseentheirincomeincreaseoverthepastyear,while40%reportthatithasstayedthesame.

Only42%aresatisfiedwiththeirincome,while26%expressdissatisfaction.

Justunderhalf(47%)expectincometoincreaseinthenext12months,while44%anticipateitwillstaythesame.

Concerns

Most(58%)arenotconcernedabouttheirabilitytomaintaintheirstandardoflivingoverthenextyear.

Theprimaryconcernsamongthosewhoareworriedrelatetotherisingcostsofessentialsandinlation(26%and25%respectively).

Aroundhalf(52%)plantotakeactiontomaintaintheirstandardofliving,mostcommonlybycuttingbackondiscretionaryspending(31%).

Financialplanningandadvice

Only15%arecurrentlyreceivingfinancialadvice,whilehalf(52%)neverhave.

Themajority(68%)believethecurrentpoliticalenvironmentwillnotimpacttheirinheritancetaxplanning.

Mostofthoseforwhomitisapplicable(18%)havenottransferredDBpensionsintoDCpensionschemes.

RetirementLifestyleReport202511

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

Mid-ageComfortables

The“Mid-ageComfortables”areretireesaged65-79withapersonal

incomeexceeding£35,000.Theyhaveabove-averagespendingratesandhigherlevelsofincomesatisfaction,with84%satisfiedoveralland30%

reportingtheyareverysatisfied.Four-fifths(80%)ofMid-ageComfortablesaremarried,while6%eacharedivorcedorwidowed,and4%eachare

singleorinarelationshipoutsideofmarriage.

Sourcesofincome

25.77%

29

.29%

9

12.07

.03%

%

6.16%

6.67%

5.57%

5.44%

0%5%10%15%20%25%30%

StatePension

Income-relatedBenefitsDisability-relatedBenefits

OccupationalPensionSchemePersonalPensionScheme

InvestmentIncome

EarningsIncomeOtherIncome

Incomesatisfaction

Morethantwothirds(69%)haveseenanincreaseinincomeoverthepastyear,while22%sayithasstayedthesame.

Themajority(84%)aresatisfiedwiththeirincome,with30%verysatisfied.

Half(52%)expecttheirincometostaythesameinthenext12months,while41%expectittoincrease.

Concerns

Despitetheirfinancialstability,justoverhalf(52%)areconcerned

aboutmaintainingtheirstandardoflivingforthenextyear,with20%veryconcerned.

Almosttwothirds(64%)plantotakeactiontosafeguardtheirfinancialposition,withcuttingbackondiscretionaryspending(20%)beingthemostcommonstrategy.

Financialplanningandadvice

Overhalf(57%)arecurrentlyreceivingfinancialadvice,withafurther25%havingdonesointhepast.

Onlyaquarter(25%)aredoingnothingtoplaninheritancewithinthecurrentpoliticalclimate.

Aroundhalfofthoseforwhomitisapplicable(49%)havetransferredDBpensionsintoDCpensionschemes.

12RetirementLifestyleReport2025

Chapter1Chapter2Chapter3Chapter4Chapter5Chapter6

Late-ageStateDependants

“Late-ageStateDependants”areretireesagedover80withapersonalincomeof£35,000orless.ThisgroupisthemostreliantontheState

Pensionandspendstheleastongroceries,diningoutandholidays

comparedtootherretireegroups.Thisdemographicissplitalmostevenlybetweenthosewhoaremarried(40%)andthosewhoarewidowed(38%).Afurther14%aredivorced,6%aresingleandjust2%areinarelationshipoutsideofmarriage.

Sourcesofincome

57.

13%

2.00%

3.87

%

21.56%

9.09%

3.98

%

1.65%

0.70%

0%10%20%30%40%50%60%

StatePension

Income-relatedBenefitsDisability-relatedBenefits

OccupationalPensionSchemePersonalPensionScheme

InvestmentIncome

EarningsIncomeOtherIncome

Incomesatisfaction

Halfofthisdemographic(50%)sawtheirincomeincreaseoverthepast12months.

Nearlyhalfofrespondentsaresatisfiedwiththeircurrentincome(48%).

Most(55%)expectincometogoupinthenext12months,37%expectittostaythesame.

Concerns

Most(72%)arenotconcernedabouttheirabilitytomaintaintheirstandardofliving.

Ofthoseconcerned,themostcommonreasonswererisinglivingcosts

(70%)andworriesthattheGovernmentwillreducepensionerbenefits(65%).

Two-thirds(66%)arenotplanninganyactiontomaintaintheirstandardofliving,while23%intendtocutbackondiscretionaryspending.

Financialplanningandadvice

Only16%arecurrentlyreceivingfinancialadvice,whilemost(57%)neverhave.

Most(72%)donotexpectthecurrentpoliticalenvironmenttoimpacttheirinheritancetaxplanning.

Forthosewhodo,themostcommonplanofactionistolookforwaystobemoretaxefficientwiththeirsavings(13%).

RetirementLifestyleReport202513

Cha