You are here: Home - Saving & Banking - News -

Retirees can expect 18-year ‘time bonus’

0
Written by:
04/02/2008

Research by AXA has found that the difference between the average age when retirees stop working and the age at which they consider themselves ‘old’ is 18 years.

The global study was commissioned to examine the perceptions and realities of retirement among both workers and retirees, and revealed that UK workers think they will retire at the age of 62, and consider themselves ‘old’ at 72 – meaning they anticipate only 10 years of an active retirement.

However the reality is very different – retirees tended to finish work at age 60, but don’t consider themselves to be ‘old’ until the age of 78. This is in stark comparison to Hong Kong and China, where the age of “oldness” is 63 and 66 respectively.

The research also shows that many British retirees enjoy retirement with 40% saying they are “very happy” compared to 32% of those currently working. In addition, 80% have positive associations with retirement putting retired Brits ahead of their counterparts in a number of countries including the US (55%), Italy (39%) and Portugal (36%).

Financially, the picture is better too – just over half of all workers (57%) think they will have enough to live on in retirement, but almost two in three (64%) retirees say their current retirement income is sufficient – up from 57% last year.

Steven Folkard, head of pensions and savings policy at AXA, said: “Retirement is generally seen as a new, golden era. There can be some feelings of trepidation and a suspicion that life might not be as fulfilling and exciting as it was when working, yet this study dispels those myths. For people in Britain in or approaching retirement, they have never had it so good with many enjoying the retirement experience more than their peers in other countries.

“Of course there are exceptions to every rule, and this peace of mind comes with careful forward planning. Although the majority of retirees say that their retirement income is sufficient people should be aware that having 18 years of a happy retirement could be costly, so it’s important that people plan ahead in order to make the most of their bonus time.”

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Good news for power investors

A revolution occurring in the world’s electricity supply can help power investor returns even through a recession, according to Co-operative...

Close