Understanding retirement in the UK

The Institute for Fiscal Studies and abrdn Financial Fairness Trust

November 2023

Patterns of retirement, and employment, at older ages, are of key interest to policymakers, in part because of the broad goal of encouraging longer working lives as a part-solution to the challenges caused by an ageing population.

There have been large changes in employment and retirement behaviours in recent decades across the developed world. This report seeks to understand how patterns of employment and retirement have changed, both before and after state pension age, and how people finance their retirement.

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