• Aegon’s new report, ‘The Second 50: Navigating a multi-stage life’ highlights how radically different life after 50 will be from previous generations
  • Report explores five fundamental areas of change shaping our Second 50: Work, Wealth, Family, Health and Wellbeing – with millions of combinations
  • Research finds that only 27% of people currently in employment expect a ‘hard stop’ retirement1
  • People aged 50-59 expect to spend almost a fifth (17%) of their later life in ill health, but only 25% have considered future social care expenses in their retirement savings plans1
  • Government, employers, pensions industry and individuals must work together to create a landscape fit for purpose

With people on average living longer, life after 50 is more likely to be ‘multi-staged’ than follow the historic convention of education, work and retirement. Those entering their Second 50 today have vastly different prospects from those of previous generations.

The Second 50: Navigating a multi-stage life, a new report published by Aegon, finds that past trends in retirement are no longer a reliable guide to the future.

The report uses unique Aegon research alongside the latest available UK national statistics to help identify the ways in which life after 50 will differ. It proposes areas to consider when planning ahead and the key drivers for change within what Aegon is calling the ‘Second 50’.

While working into later life is often seen as a negative, Aegon’s findings reveal for most, the main reasons for doing so are positive amongst those over 60, and include an enjoyment of working life (57%) and keeping the mind sharp (54%)1.

Aegon stresses the UK Government and employers have vital roles to play in supporting a longer, more varied working life for the UK population.

Steven Cameron, Pensions Director at Aegon, said:

“As we see record numbers of people in the UK celebrating their 100th birthday2, we want to start a conversation about how varied people’s second 50 years may be and to help people better understand and navigate them.

“The Second 50 is a new phase of life that is vastly different to the prospects our parents and grandparents had when they reached age 50. There are millions of combinations of circumstances and situations that people over 50 may find themselves living through at various times and in different orders, meaning everyone’s Second 50 is truly unique.

“In fact, in many ways, it’s uncharted territory and we can’t simply look to what’s gone before to know how to manage it. That’s why we’ve picked out five fundamentals to consider that will help people make the most of their journey.”

The report’s findings include considerations for people to make the most of a longer, and more varied working life. It sets out five fundamentals of life after 50 that are changing significantly and unique to each of us:

1.    Work – including how we transition from work into retirement

2.    Wealth – the money we’ve built up from savings, investments and pensions as well as if we own our own home

3.    Family – we may be caring for or financially supporting other generations

4.    Health – we are likely to see changes in our health in later years

5.    Wellbeing – what brings us joy and purpose in our Second 50

During our Second 50, 53% of us hope to spend more time with loved ones, 45% plan to travel, while 33% expect to pursue new hobbies1.

Steven Cameron added:

“We want to explore the Second 50 not just with individuals, but with employers, the financial services industry and government, to create a landscape that is truly fit for purpose for everyone’s life after 50.

“Whether it’s employment and pension law or the State Pension, the Government has the responsibility to support and the power to shape people’s Second 50. For example, we’d like to see the Government offer more flexibility around when people can access their State Pension.

“In addition, employers can play a vital part in life after 50 by offering flexible working, training, and support at all ages, and by harnessing the skills and expertise of those who wish to continue working for longer. Meanwhile, workplace pensions can help build the financial support needed by employees in later life.”

The Second 50: Navigating a Multi-stage Life can be accessed and downloaded via the Aegon UK website at aegon.co.uk/second50

For more information, to arrange interviews with Steven Cameron, Pensions Director at Aegon or to request a copy of the report please contact the Aegon UK Press team below:





1Research was conducted by H/Advisors Cicero in July 2023. Total sample size was 900 adult workers and 100 retirees in the UK, all aged over 18. This sample was matched to the sample design of the previous 11 years of Aegon research (Aegon Retirement Readiness Survey).

2Centenarians living in England and Wales in 2021 – Office for National Statistics (ONS)

About Aegon

In the UK, Aegon offers pension and investment solutions to over 4 million customers. Aegon employs over 2,000 people in the UK and together with around 600 people employed by Atos, we serve the needs of our customers. More information: www.aegon.co.uk. Figures correct as at 31/12/2022.

Aegon UK is part of the wider Aegon Group, based in the Netherlands, whose roots go back to the first half of the nineteenth century. Since then, Aegon has grown into an international business, with over 29 million customers in multiple countries and over 747.4 billion EUR of revenue generating investments (as at 30/12/2022). More information on www.aegon.com

The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.


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