For more than a third (37%) of respondents, the time and freedom on offer post-retirement was the most enjoyable aspect of later life. However, retirees are using that time productively, with more than 1 in 10 (12%) using retirement to re-kindle or pursue a hobby. And despite the benefits of this free time, just 4% of individuals cited ‘not working’ as enjoyable, challenging the usual retiree stereotypes.
When it came to the worst aspects of retirement, the results were more mixed. Financial worries were the least enjoyable part of later life, with 14% of respondents citing money matters as an issue. Surprisingly, just over one in ten (11%) said getting old was the worst part of retirement, while 9% of those surveyed picked declining health.
However, good or bad, there were some surprises in store for retirees too. Nearly a quarter (23%) said they couldn’t believe how quickly time passed. Those surveyed said they found it easy to fill their day, with 23% again saying they wondered how they ever found the time to work. Just 4% said their biggest surprise was having plenty of money to do what they wanted.
Chris Knight, CEO, Legal & General Retail Retirement, said:
“Nobody experiences retirement in quite the same way, despite the various stereotypes that persist in our society. Sound financial health certainly remains critical to happiness and wellbeing in later life, but it’s clear from this research that there are other challenges many customers face as they age.
“The advice of an intermediary can make a world of difference when helping elderly customers to navigate the financial challenges they face in later life. However, some of life’s problems can’t be solved by the support of an adviser and it’s vital that we are mindful of these emotional and social issues by signposting our customers to the charities out there that can provide a helping hand.
“At Legal & General, we see this as central to supporting our elderly customers, which is why we are exploring new initiatives and working with charities such as the Royal Voluntary Service to tackle issues like elderly loneliness.”
