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The PPI is an INDEPENDENT educational, not-for profit research institute. We undertake rigorous research from a neutral, long-term perspective

Reports and Briefing Notes

PPI Report for Age UK: The financial resilience of the recently retired

This report was for Age UK’s Financial Services Commission. It was initially presented at an event on 6 February 2014, before the 2014 Budget announcement regarding the removal of restrictions on accessing Defined Contribution savings. For this reason the report does not take account of these proposed changes.

Three shocks during the early years of retirement are considered in terms of their impact on retirement incomes and spending needs: a period of unexpectedly high inflation; the onset of a moderate severity disability or health issue; and the early death of a partner.  


Chapter one considers who are the recently retired and outlines the complex transitions between work and retirement.

Chapter two explores financial resilience to economic, health and lifestyle shocks early in retirement by modelling hypothetical individuals.

Chapter three highlights key considerations for the industry when exploring how to improve financial resilience.

Executive Summary

Executive Summary

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