The 2025 Retirement Report from Rathbones and The Lang Cat

1 December 2025

Retirement is evolving. Discover key insights from Rathbones & The Lang Cat to help advisers deliver smarter, personalised retirement planning.

Article last updated 13 April 2026.

The outsourced discretionary investment relationship in modern financial planning

Foreword

This project is the latest stage of our work to understand how retirement has changed over the years, what it means to people, what help they need to achieve their objectives and how this intersects with modern financial planning.

Our work with the Wisdom Council, our Retirement Study in 2018 and our studies Yes She Can and Responsible Investing, show that retirement is very much an ongoing process, and not an end point. Our research looked at 2,000+ individuals aged 55-75, with household income greater than £10,000 and savings and investments greater than £1,000. We estimate that the total market size for this target cohort is 9-10 million households.

This paper builds on this work and includes findings from research conducted in partnership with the lang cat, using both qualitative and quantitative findings from Spring 2025.

We can look at the world of retirement planning in three ways – and each of them suggests that we are at a significant point in time, for a number of reasons.

54%

of advisers agree that an investment manager working with a financial planner is the gold standard of financial advice.

99%

of advisers agreed that "retirement" isn't a single point in time. It's a process.

74%

of people have carried out little or no retirement planning.

1/4

is the chance a woman aged 50 has in living to 95, and a man of the same age has the same chance of making it to 93.

Our latest research, developed in partnership with The Lang Cat, explores how the concept of retirement has evolved and what this means for advisers and their clients.

Drawing on insights from over 2,000 individuals aged 55–75, as well as in-depth adviser interviews, the report reveals a landscape where retirement is no longer a single event, but a complex, highly personal journey.

With shifting regulations, increasing longevity, and the move from defined benefit to defined contribution pensions, advisers face new challenges and opportunities. The report examines how the industry is responding, the growing importance of personal agency in later life, and why more firms are outsourcing investment management to focus on delivering real value through financial planning.

2,000+ people interviews

55-75 year olds surveyed

10 key findings

Key topics covered in the report

The changing shape of retirement and what clients value most

The impact of regulatory change and Consumer Duty

The rise of outsourced investment solutions

Adviser perspectives on the future of retirement planning

Download the full report today

This report is essential reading for financial advisers looking to navigate the complexities of modern retirement planning and deliver the best outcomes for their clients.

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The 2025 Retirement Report from Rathbones and The Lang Cat

The outsourced discretionary investment relationship in modern financial planning

Foreword

54%

99%

74%

1/4

2,000+ people interviews

55-75 year olds surveyed

10 key findings

Key topics covered in the report

The changing shape of retirement and what clients value most

The impact of regulatory change and Consumer Duty

The rise of outsourced investment solutions

Adviser perspectives on the future of retirement planning

Download the full report today

Further insights for financial advisers

Weekly Digest: The fog of ceasefire

Weekly Digest: It takes two to taco

Iran and geopolitical risk update: what does the long view teach us?

Quarterly Investment Update: Decisive inactivity

Let's talk

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