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Only one in six (16%) adults have taken steps to prepare for life after the age of 50, such as making a financial plan, considering their career or retirement path, and spending time with their family, a survey has found.
More than a third (36%) of adults surveyed said they had not considered this at all, while nearly half (47%) had thought about it but not taken any action.
Looking after personal health is considered the most important element of life after 50 (cited by 64% of people surveyed), while around three in 10 (29%) ranked personal finances among their biggest considerations, according to the research, commissioned by Aegon.
Some people in midlife may find it useful, for example, to get free pension guidance from Government-backed body Pension Wise, or to discuss power of attorney and wills with their parents or children, or to create or update their own will.
The survey found that 16% of adults believe being “old” starts in your 50s, while 19% believe it starts when someone reaches their 60s.
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Among the 18 to 34-year-olds age group, nearly a quarter (23%) think that being old starts when someone is aged in their 40s.
Across the survey, 1% of people think “old age” can start when someone reaches their 20s.
One in 12 (8%) people surveyed do not think they will ever feel old – with women being slightly more likely to say this than men.
Thomas Mathar, head of Aegon’s Centre for Behavioural Research, said: “Our perceptions of ageing shape how we understand, envision and approach our later years.
“Not so long ago, you’d often hear people comforting themselves with the idea that ‘life begins at 40′. Then we adopted a more age-positive view that ’50 is the new 40’.”
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He said there is a “growing awareness that we’re likely to live increasingly longer lives, and that 50 may only be the half-way point”.
Dr Mathar added: “By forming a clear view of the fundamentals in life – like work, wealth, family, health and wellbeing – including what you have now and where you’d like them to be, you can begin to build a clear plan for supporting you goals and making the most of your ‘second 50’.”
Opinium surveyed 2,000 people across the UK in January and February for the research.
Here are the percentages of people who cited different age groups when asked at what age they did, or they think they will, start to feel old:
– 20s, 1%
– 30s, 6%
– 40s, 14%
– 50s, 16%
– 60s, 19%
– 70s, 14%
– 80s, 6%
– 90s, 1%
– I do not think that I will ever feel old, 8%
– I do not know, 15%
