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13 Dec 2017

Pensioners say retirement has met their expectations

Retirement has meant a new lease of life for millions of people who have stopped work in the last ten years, according to new research from Prudential.

In the company´s latest ‘Class of…´ survey, almost nine out of ten (86%) said that retirement has met their expectations or they are happy with how it has turned out.

Nearly half (48%) of those who have retired since the height of the financial crisis said they are busier and more active than they had anticipated and one in four (26%) said they are fitter and healthier since they stopped working.

For many, their relationships with their partners and family have improved and others said their social life has improved more than they expected.

Nearly two in five (37%) thought they would have missed work more than they have since retiring, and in fact one in four (26%) wish they had retired earlier.

Meanwhile, more than one in ten (11%) wish they had been more active or found a job in the early years of their retirement.

Prudential noted that many of those interviewed are from the last group of retirees where the majority will benefit from generous final salary pensions. This is reflected in the fact that nearly two-thirds (63%) described their financial situation as comfortable or well off.

Commenting on the findings, Kirsty Anderson, a retirement expert at Prudential, said: “Over the last 10 years we´ve studied the finances, plans and aspirations of people as they reach retirement, so it´s really good to now find out that for many people retirement has provided them with a new lease of life.

“And as people who plan to finish work in the next ten years begin to look forward to their retirement there´s plenty they can still do to make sure they are as comfortable as the people who have become pensioners over the last decade. Most importantly, in the face of changing pension rules, many people will benefit from a consultation with a professional financial adviser in the run up to retirement.”

Copyright © M2 Bespoke 2017

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