A worrying survey by LV= reveals that 24% of pensioners report worsening health in the first five years of retirement.
Research by Liverpool Victoria, a leading retirement solutions provider, shows that the first five ‘golden years’ of retirement can bring financial, emotional and physical strain for many.
Almost a quarter of retirees (24%) said their health had worsened or they had suffered a serious health issue in the first five years of retirement, while 17% said they had unexpectedly needed to support family members financially.
Whereas most retirees expect life to be more relaxing and taken at a gentler pace, many find that the reality of retirement is totally different, bringing unexpected life-changing events. Within the first five years of retirement, one in three (34%) celebrated a new grandchild being born; one in four (25%) moved house, and one in five (20%) updated or renovated their existing property or garden.
Matt Trott, LV= Head of Annuities said: “Many people associate retirement with taking things easy and relaxing. However, it is a time when major step changes in their lifestyle can take place. It is therefore important that people build the flexibility into their retirement planning to deal with these changes. Any unexpected strain on their finances in the early years of retirement could have a significant knock-on effect further down the line.”
It is clear that however carefully you plan for a relaxing and comfortable retirement, ill-health, or unexpected life-changing events or new family circumstances can throw your plans off track. It is important that as much flexibility as possible is built into your retirement planning so that you can cope with the unexpected things that may occur in retirement. It is never too early to start making your retirement plans, and a good place to start is with nidirect, the government information service which provides lots of information to help with your planning, and is up to date with all the latest legislation and pension changes. With a little careful advance planning, retirement can truly be your ‘golden years’.