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This Evidence Review explores the challenges facing the retirement income market over the next few decades, focusing particularly on how people might convert pension savings into income and exploring the characteristics of people reaching state pension age (SPA) in 2025 and 2040. For people reaching SPA in 2025 and 2040, increases in life expectancy will result in people living longer, and resulting policy changes mean that they will be accessing state and private pensions later. Some people might need to work longer than previous generations, and some may have longer retirements to support, although longer, healthy life expectancies might allow people to work for longer than previous generations.