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Research by Aviva, a leading pension provider, and Age UK, the UK’s expert voice on ageing, has found that mid-retirees are navigating retirement without the financial support or guidance they may need as they get older^[1]. The report by Aviva and Age UK (published May 2025), Retirement Reality: Managing Money in Mid-Retirement, highlights the challenges faced by mid-retirees navigating the retirement landscape. The research surveyed 1,000 mid-retirees (aged 65-75) who have a private pension, are on a moderate retirement income, and have not taken financial advice.

Almost two thirds (64%) of mid-retirees admit they have not spoken with family or friends about managing their financial affairs, should they become unable to do so independently, with 81% saying they don’t have a lasting power of attorney in place.

Nearly four in ten (39%) have not yet considered how they will manage their finances as they grow older, particularly into their 80s or 90s. Whereas only a little over a third (36%) know all the details of their partner’s pension and more than four in five (84%) in a couple have not checked to see if their partner has nominated them as a beneficiary for their pension.  

Exclusive modelling for the report, by the Pensions Policy Institute (PPI), reveals that while homeowner couples may be able to meet what is considered the minimum income standard in retirement, the death of one partner can significantly reduce household income, potentially leaving the surviving partner financially vulnerable. This highlights the importance of making informed decisions in later life and the value of approaching these conversations together, to ensure long-term financial security for both partners.

The report recommends a new retirement income approach to ensure retirees have a plan for the whole of their retirement journey. A ‘flex first, fix later’ strategy is designed to provide pension savers with a sustainable income for life – combining pension drawdown in the early retirement years, with a later-life annuity – and offering the potential to provide better outcomes^[2].

Emma Douglas, Wealth Policy Director at Aviva, says: “Our findings suggest that mid-retirees might be in danger of drifting into later-life retirement without a clear financial plan, which could leave them vulnerable, especially in the event of cognitive decline or the loss of a partner.

“While there is no one-size-fits-all solution, taking the time to understand your household’s retirement income and what would happen if you or your partner’s circumstances change, is crucial to better financial planning. Openly discussing your plans and wishes with family helps to ensure everyone feels informed and reassured that everything is in place.

“At Aviva, we think it’s key that mid-retirees have access to better financial guidance in retirement. That’s why we’re working with Age UK to consider the feasibility of a mid-retirement MOT.  This could not only offer guidance and support, but it would also act as a financial review that could cover topics like estate planning, fraud prevention, access to state benefits, and managing finances in the event of cognitive decline.”

Caroline Abrahams, Charity Director at Age UK, added: “Having a broad understanding of your household finances, including pensions, can make a huge difference to couples as they age.  Being able to plan ahead can improve people’s ability to take sensible spending decisions while helping prepare for the worst – for example the extra costs of ill-health and even bereavement.