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Unretire

The way people spend their time and money is evolving and its changing retirement journeys.

Retirement is changing 

Our research1 in partnership with forecasting specialists Trajectory, not only looks at the key trends shaping retirement now, but what this also means for the future. We've explored the different retirement journeys people follow approaching and in retirement and identified five groups.

The importance of the right Financial advice

Understanding how these groups will develop over time now can help us understand how to better plan for the future. By providing these findings to financial advisers and working with them we can help you explore your options on your own retirement journey and ultimately provide better solutions for your personal goals.

We know the importance of getting the right financial advice and that’s why we would recommend talking to a financial adviser before deciding on any financial solution.

Need an adviser? Find out more here

 

Planning for retirement

Saving for your retirement starts years before you even think about retiring. Many of us will work for a company who contribute into a workplace pension on our behalf and you may even decide to make additional contributions above the minimum. 

Others may be saving for retirement through a SIPP or have other employer sponsored pension savings.

Whichever type of pension you have, and wherever you are on your own retirement journey, societal and cultural changes are having an effect in the way people live their lives, which in time will affect their own retirement.

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Life Expectancy

People are living longer than ever before. On average, life expectancy for a 65 year-old is a further 18.8 years for a man, and 21.1 years for women.

But it’s important to understand these are only averages and therefore you need to know how long you will live as this will aid in understanding how long your pension and other financial commitments will need to last.

Our life expectancy calculator can help provide with this information

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Pension tax

When the time allows it may seem tempting to take your pension fund as cash, but beware the sting in the tail – while you can normally take a 25% tax-free lump sum, remember you’ll pay tax on the rest (at a rate linked to all your income received in that year).

Our Pension tax calculator shows you the amount and percentage rate of income tax payable on your pension fund if it is withdrawn in addition to other taxable income.

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Releasing equity

Equity release lets you unlock cash from the value of your home. The amount you can release depends on your age, how much your property is worth and how much you choose to borrow.

There are two different types of equity release, lifetime mortgages and home reversion plans, and it's important to know the differences.

Our range of lifetime mortgages lets you choose how to release cash from your property. They can be used to unlock cash from your main residence or a second home, with flexibility over the amount you can borrow. Find out more about equity release and our lifetime mortgages.

Equity release calculator 

Our Home Finance options allow you to release a cash lump sum from your main residence, Buy-to-Let property or second home and the money you release is tax-free.

Find out how much equity you could release from your property by using our equity release calculator

 

Our propositions

At Canada Life we provide a range of retirement options along with other areas you may be interested to know about when planning for your financial future.

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Flexible & future ready

Helping you plan for a better future

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Investment solutions

Helping you reach your life goals

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Protecting your estate 

Keeping your wealth in the right hands 

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Freedom in retirement

Unlock the value of your property

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1.Source: Research for Canada Life was conducted in partnership with Trajectory, a strategic futures consultancy. It uses horizon scanning to identify the key trends shaping retirement now and in the future (to 2035), to identify a series of new models of retirement or journeys through later life.