Retirement Revolution: From Gig Work to Global Getaways

Are you prepared for the long-term future? Not just next year’s vacation plans, but your objectives for your entire life ahead and your strategy to achieve them? Lynda Murray, a music teacher from East Sussex, jumped at the opportunity to retire early before turning 60. For her, the choice was obvious.

“Choosing time over money was an easy decision for me. Common views about retirement focus on weakness and deceleration, yet for me, retirement is about pursuing my passion—performing and playing my saxophone. Even at 72, I’m more active than ever. I enjoy swimming in the sea near my home, managing my own Airbnb, biking on my electric bike, and traveling—I’ve spent winters in India and Cuba. It’s my good health and prior financial planning that allow me to live this lifestyle,” Lynda explains.

Lynda’s story reminds me of friends in their early 60s, whose retirement lives are nothing like the typical “old age pensioner” scenario. With their children independent and their mortgages paid off, these individuals are embarking on exciting new chapters. They have moved on from stressful careers in nursing, teaching, and IT to pursue new ambitions, contribute to their communities, and set fresh objectives, rather than spending their days playing golf or awaiting the arrival of grandchildren. One friend recently earned an MA in art history and now offers CV workshops and volunteers at a food bank. Another is expanding her new yoga and retreat business, while another is simplifying his life to fund global travels and launch a home catering venture with some DJing on weekends.

Life doesn’t simply halt after our primary careers end—it often transforms into something exhilaratingly new. Fulfilling long-held dreams, engaging in meaningful activities, or embracing our passions more fully are all truly within reach, provided that we have the financial means to support ourselves. This underscores the need for more positive and realistic portrayals of retirement, rather than clinging to outdated stereotypes. For too many, a comfortable retirement seems unattainable without proactive measures. It’s alarming how many people I know, particularly those who are self-employed, lack any form of pension or significant assets, and have no clear plan for funding their retirement years.

A study by savings and investment firm M&G indicates that while people are living longer, they are not saving sufficiently for the future. By 2050, the global population of centenarians is expected to rise eightfold to 3.7 million. These longer, healthier lives will require substantial financial resources. Yet, the study revealed that only 13% of men and 8% of women who haven’t retired yet have a comprehensive financial plan for retirement. Moreover, 46% of UK adults saving for retirement feel they aren’t saving enough, and 53% no longer believe in the concept of traditional retirement.

A lack of savings leaves fewer options as people age. Data from the Centre for Ageing Better shows an increase in full-time workers over 65 from 25% in 2000 to 34% in 2023, many of whom can’t afford to retire. Rising state pension ages and living costs contribute to this issue, but insufficient pension savings are a significant factor.

However, many continue working by choice. Semi-retired illustrator Paul Collicutt, 62, shares, “I’ve always been an illustrator and enjoy collaborating with young teams on advertising storyboards. It’s an unstable field, but early financial advice in my late 20s helped me stabilize my life and maintain my lifestyle.” Thanks to this advice, and his investments in Isas, Paul managed to buy property in Brighton, becoming a landlord, which provides steady income. This allows him to continue working, enhancing his lifestyle and adding to his private pensions, ensuring a comfortable future. Having paid off his mortgage, he enjoys greater freedom and choice in how he lives his life.

During our earlier working years, it’s often difficult to imagine how crucial pensions or investments will become in ensuring a comfortable or merely survivable living standard in retirement. For Murray, deciding in her 40s to invest in a private additional voluntary contribution pension with Prudential (now part of M&G) significantly impacted her life post-retirement, especially as she had to wait until she was 64 to draw her state pension, an age which has since risen to 66.

Although 40% of people cite affordability as a barrier to planning financially for retirement, many also struggle to connect with the media’s portrayals of retirement, which often depict a slowdown into cozy domestic life with physical frailty. This disconnect makes it challenging for people to envision their own retirements. A lack of financial education paired with these outdated perceptions is holding many back from establishing necessary financial plans for their futures.

For Londoner Nidhi Uppal, 58, early advice from her financial adviser father to invest in both a private and a work pension was invaluable, providing her with the financial freedom and time to explore her purpose after leaving her job as a science technician two years ago. “Retirement for me is more about reinvention. I’m immersed in creative pursuits, volunteering at the Design Museum, conducting sari-draping workshops, and participating in the London Colour Walk. I share my father’s advice with my four adult children, urging them to invest in pensions now, rather than waiting until they’re older and scrambling to figure out their financial futures,” says Uppal.

The IMF has recently stated that “70 is the new 50,” acknowledging that we are generally fitter, sharper, and healthier at this age than previous generations. However, the media’s lack of positive representations of this life stage does society a disservice. If we can’t envision it, we can’t plan for it—or afford it. Recent studies have even noted a rise in “unretirement,” where retirees return to work, often due to increasing living costs.

Through their involvement in M&G’s “Reframing Retirement” campaign, Collicutt, Murray, and Uppal are helping to redefine retirement, supported by M&G’s inspirational portraiture series. While pensions may seem dull and old age distant, changing the conversation around retirement and its portrayal is crucial. The benefits of investing for our future lifestyles are immeasurable.

Learn from experiences of Linda, Paul, and Nidhi in their retirement journeys by visiting M&G