‘Shadow work’ describes unpaid labour carried out by consumers. Spending your evenings building flat-pack furniture? Using a self-checkout at the supermarket? That is all shadow work – and we are doing more and more of it. Older people face one of the biggest shadow jobs of all: planning their own retirement.
In years gone by, workers could rely on defined-benefit (DB) pensions when they retired. These provided regular income based on salary and length of service. DB pensions are dying out in the private sector; meaning pensioners are increasingly responsible for making their savings last. The onus has shifted from the employer and firmly onto the individual.
There are a few ways around this. A lifetime annuity, for example, would provide regular income until you die. If you want more flexibility, however, you will need to put in the work to plan and strategise.
