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Retirement is changing. Is your money ready?
Our latest research* of more than 5,000 UK retirees shows how retirement is changing. People are supporting family, managing different sources of income, and making decisions that could affect their money for years to come.
|
£27,159 |
£4,522 |
|
60% |
69% |
Retirement is about more than covering the bills. It is about the life you want, the people you may want to support, and the choices you want to keep open.
Which of these sounds most like you?
- I am starting to think about retirement
- I want to know whether my money could last
- I would like to help my family financially
- I want more confidence about my future
If any of these feel familiar, a plan can help you understand what you have, what you may need, and what choices you could make next.
What retirees told us
More retirees are supporting family
Retirees now provide an average of £4,522 a year in direct family support through gifts to relatives and help with education costs. That is up by 81% compared with last year.
Helping family can be rewarding, but it still needs a plan. Gifting money could affect your own income, later-life options, and financial resilience.
Could you support family and still protect your own retirement?
You can feel comfortable today and still worry about tomorrow
Many retirees feel positive about their current income. The report found that 69% of individuals and 74% of households are satisfied with their retirement income.
At the same time, 60% are concerned about maintaining their current standard of living. That makes planning important before decisions become urgent.
Retirement income comes from more than one place
Retirement income is rarely just one pension. It can include State Pension, workplace pensions, personal pensions, investments, savings, benefits, earnings, and other sources.
Knowing where your retirement income might come from can make it easier to plan for the future.
Retirement is not only about essentials
The biggest areas of retiree spending include holidays, home improvements, supporting family, and charitable giving.
That means retirement planning is not only about what you need to cover. It is also about what you want your money to help you do.
Small decisions today can shape your retirement tomorrow
Of the retirees surveyed, 69% told us they had changed financial plans in response to government policies or proposals. Some decisions, such as accessing pension savings or gifting money, can be difficult to reverse.
A plan can help you make confident, informed choices based on your goals instead of reacting to short-term headlines.
Questions worth asking
- How much income might I need in retirement?
- Where could that income come from?
- Could I afford to support family members?
- What if costs rise or my circumstances change?
- Would I know what to do if pension or tax rules changed?
You do not need to answer everything at once. Starting with one question can make the next step feel easier.
Why we do this research
Retirement is changing. People are living longer, supporting family in different ways, and facing new financial decisions throughout later life.
We publish the Retirement Lifestyle Report to better understand those challenges, help consumers make informed decisions, and contribute to discussions about improving retirement outcomes for current and future generations.
We also believe people benefit from long-term certainty around retirement policy, modern rules that reflect how families support each other today, and clear communication that helps people plan with confidence.
The full report is also available if you want the detailed research, methodology, and policy recommendations.
Download the full Retirement Lifestyle Report 2026
Frequently asked questions
It is Quilter's annual research into how people in the UK are experiencing retirement. The 2026 report is based on feedback from more than 5,000 retirees.
Policy can affect decisions about pensions, savings, tax, and retirement income. The report looks at how uncertainty and policy changes can influence long-term financial decisions, the impact this can have on outcomes, and the changes Quilter believes the government should make to give people the clarity and confidence they need to make considered decisions as part of a coherent financial plan.
The report shows that many retirees give meaningful financial support to younger generations which can have a transformative impact at key moments in people’s lives and, subsequently, the wider economy. Despite this, the annual gifting exemption has been unchanged since it was introduced at £3,000 in 1981. Had it risen in line with inflation since, it would now sit at £12,000. Quilter believes the government should increase and automatically index the annual gifting exemption to better reflect the economic realities and support earlier intergenerational wealth transfers.
57% of retirees withdrew tax-free cash in the lead up to the recent Budget, and 42% did so because they were worried the rules might change. 62% of those that withdrew their tax-free cash later regretted doing so. A clear, long-term commitment on the future of pension tax-free cash would avoid speculation over reforms, and early communication can help people avoid rushed decisions and better manage their financial plans.
The full report, covering the research, methodology, and policy recommendations in detail, is available to download here. For the main findings from our report, download the executive summary.
Source: Retirement Lifestyle Report 2026. Consumer research was conducted by Censuswide among 5,002 UK retirees between 23 March and 7 April 2026, with follow-up polling conducted between 28 May and 11 June 2026. The findings were analysed by the Centre for Economics and Business Research (Cebr).