The traditional ‘three-stage’ life typically follows the pattern of education, work and retirement. But as 100-year lifespans become more common, is this still a realistic blueprint for modern living?1

At Aegon, we're exploring life after 50, or what we're calling the Second 50. Find resources to help you discover the changing nature of later life and its many advice opportunities available to your clients.

Navigating the Second 50 

Watch our video as Steven Cameron, Pensions Director, guides you through the vital role you play in helping clients prepare financially and mentally for a longer, more enjoyable, multi-stage life.

(00:00): Hello, I'm Steven Cameron, and I'm here to share with you our latest insights on the changing retirement landscape and what it means for your clients.

(00:22): Generation by generation, people are living longer. Indeed living to 100 is now a real possibility. Now okay, I admit I may be biased, but reaching age 50 is no longer old. It could be the start of what we at Aegon are calling the Second 50. The traditional three stage life consisted of education, then work, then retirement. But as 100 year lifespans become more common, we’re now living more multistage, varied lives, this means life after 50 and the concept of retirement is nothing like that of our parents generation.

(00:55): You could call it uncharted territory, and at Aegon we’re keen to help people start to explore it.

(01:07): To help navigate the Second 50, we've identified five fundamentals. First working life and how we transition into retirement. Wealth, including pensions, savings, owning your own home and any inheritances. Family, including caring for or providing financial support to children and elderly parents. Health, planning for likely changes, perhaps including needing social care in very late life. And last but not least, wellbeing or what makes us happy.

(01:35): These are all many faceted and different for each of us.

(01:45): We'd like everyone to be able to picture their future Second 50 self, and to put in place plans to make the most of this. Often people just have a vague picture talking of spending more time with family and friends and traveling. So as financial advisers, you’re uniquely placed to delve into more detail and help make the future real for your clients.

(02:05): Our retirement advice research with NextWealth explores this further. We also see many connections with the FCAs Consumer Duty, whether in helping clients meet their objectives or avoiding foreseeable harm in their futures. So we welcome you to explore our Second 50 hub, where you'll find our report and other resources, alongside our thoughts on Financial Wellbeing and the Consumer Duty. We've developed this to help you support your clients make the most of their unique Second 50.

(02:35): I do hope you find these of interest and many thanks for watching.

Key themes and findings

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There are over 25 million people in their Second 50 in the UK.2

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Our Second 50 research shows 'Running out of money' is a top three later life concern for 45% of those surveyed.3

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Multiple complex pathways could result in individuals feeling overwhelmed.

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Our research also found that only 27% of respondents currently in employment expect a 'hard stop' retirement (giving up working at once).3

Providing financial advice in a shifting landscape 

We've carried out research into the multi-stage life and what we're calling the Second 50. You'll find our report, a visual guide highlighting the Five Fundamentals to help shape financial advice for this market and an article exploring the advice requirements. 

The Five Fundamentals to help shape your advice

A multi-stage life is changing the way we approach retirement. We've broken down our research into Five Fundamentals to shape your advice and help guide your clients through the Second 50. 

Health Second 50 fundamental

Healthy and active lifestyle being led? 

  • Physical health 
  • Mental health
  • Social care
Wealth Second 50 fundamental

Will wealth cover clients? 

  • Financial security
  • Pensions
  • Homeownership
  • Lump sum decisions
Family Second 50 fundamental

Who is caring for family? 

  • Marital status
  • Caregiving support
  • Financial support
Work Second 50 fundamental

Living longer and working longer? 

  • Work status
  • Skill development
Wellbeing Second 50 fundamental

Are clients enjoying what they do? 

  • Happiness
  • Social life
  • Travelling and holidays

Client support

Our Five Fundamentals help capture the essence of what our Second 50 research is all about. Here you'll find resources to share with your clients. 

More resources to help support client's retirement objectives

  1. The 100-year life: Living and working in an age of longevity, Data Source, Lynda Gatton and Andrew Scott, Bloomsbury 2016
  2. ONS population estimates - June 2021
  3. Second 50 report - based on research carried out with 900 adult workers and 100 fully retired UK residents, on our behalf by H/Advisors Cicero, with 2022 data collected from 20-30 December 2022 and 2023 data collected from 1-18 July 2023. 

Consolidation toolkit

Over our working lives we can accumulate multiple pension products. As clients approach retirement, this represents an opportunity to consider consolidating and bringing these together. Our consolidation hub has a range of supporting guides.