Two-thirds of Brits, who took early retirement, report increased happiness since making the decision to leave employment, reveals survey
January 2022 - Financial Services
Two-thirds of Brits, who took an early retirement, report increased happiness since their decision to leave employment: A survey by Aviva has revealed that just over 66% of early retirees say they feel happier since leaving their job. Furthermore, one in five said they feel the age of 55 is the right age to retire as they can gain access to their pension savings.
Furthermore, half of those surveyed stated an improvement to their physical wellbeing as a result of retiring, with 57% saying the same about their mental wellbeing.
The study polled 2,000 British adults to find patterns in when and why people choose to retire. The survey also found that just over a quarter (26%) made the decision to retire when they felt financially stable enough to do so.
Furthermore, 22% of respondents said they felt retirement helped them become more financially stable, with a further 33% stating that having a defined benefit pension enabled them to retire when they did.
On the other hand, 47% saw a decrease to their finances as a result of taking an early retirement, with half of women stating they took a financial hit when they retired. In contrast, just 44% of men reported a decrease in wealth after retirement.
Currently, the UK state pension age is 66, however many people said they are comfortable to retire before then. It is also estimated that the state pension age will go up to 67 before the year 2030, and could be as high as 69 by the middle of the century.
Alistair McQueen, head of savings and retirement at Aviva, said: “It’s important to learn from the lesson that, while happiness soars in retirement, many people find their finances take the strain when they retire early. If you aspire to retire early, it’s vital you plan your finances to be sustainable for the long-term.”
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