Standard Life launches 'Death of Retirement' report

Standard Life has launched the 'Death of Retirement' report, which acknowledges a fundamental shift in people's attitudes towards retirement.

The report reveals that people are more ambitious for an active third age than ever before, and in the report psychologist Honey Langcaster-James has made a call for the word retirement to be banned altogether.

Nick Bamford Joint Managing Director of Informed Choice Ltd said: "Two things stand out from this report, the first is that independent financial advisers need to understand more about their clients retirement goals and objectives and that the conventional approach of buying an annuity may not appeal to the groups in questions. Secondly, that there is a real need for financial planning and that encompasses much more than simply selecting an appropriate financial product."

The report finds that baby boomers want to travel, work, even launch new business ventures. As well as being personally ambitious, they may also need to provide for financial dependents, whether their children at university or parents' care.

The challenge for government, society and the financial services industry is how to meet these complex financial needs and harness the baby boomer's ambitions for their future into lifelong saving.