Generating retirement outcomes to be enjoyed and not endured
Addressing the inadequacy of retirement provision in the UK is a huge socio-economic challenge....
If retirement is to be enjoyed and not endured, in a world of freedom and choice, largely unsupported by the provision of accessible frames of reference, guidance and advice, we must look at how to overcome the risks and complex decision making challenges DC (Defined contribution) investors face at and in retirement.
Indeed if, in seeking flexibility and income security in retirement, people are to secure a desired standard of living and not sleepwalk into retirement penury, then the solution surely lies in the provision of a well governed, auto-enrolled, institutionally-managed default income drawdown fund, with a secure and sustainable long-term real income stream underpinned by a dynamically-managed multi-asset fund, longevity insurance and a minimum income guarantee.
The paper Generating Retirement Outcomes to be Enjoyed and not Endured, by Chris Wagstaff (Senior Visiting Fellow, Finance Faculty at Cass Business School) seeks to identify what such a fit-for-purpose solution might look like. It is available for download at the link below.