Retirement Realities: Tomorrow?s worth saving for
Retirement Realities: Tomorrow?s worth saving for
Key findings:
- Financial well-being and quality of life in retirement increase in line with household income, although it begins to level out at around £40,000 a year.
- Pensioners? overall sense of satisfaction with life increases by
an average of 7 percentage points per £5,000. - 85% of people who have additional income say it has made a difference to their quality of life and 56% say this difference has been considerable.
- 50% who have no additional income say understanding what it?s like to be retired makes them wish they?d saved more.
- However there seems to be an initial threshold for a greater sense of well-being at around £15,000-£20,000 a year.
- Almost twice as many people with an annual retirement income of £15,000 £20,000 a year describe their financial situation as comfortable.
- Those with an annual retirement income of £15-£20,000 are more than twice as likely as those with less to agree their income is enough to give them the retirement they were hoping for.
- Pensioners living on less than £15,000 are twice as likely as those with £15-£20,000 a year to be struggling with day to day living costs.
- However, money isn?t everything, 58% of pensioners think the most important factor for their quality of life in retirement is staying healthy.
- The next most important factor is having more retirement income, cited by 38% of pensioners.
- The evidence shows that living with someone rather than living alone also leads to a greater sense of well-being and happiness.
Read the full report, written and designed by Opinium, here .
