Most individuals wish to retire by the age of 60, six years sooner than the present state pension age, a brand new survey has discovered.
A research of two,000 UK adults who’re both planning to, or have taken an early retirement, discovered that greater than a 3rd (32 per cent) wished to benefit from the freedom of being unemployed whereas nonetheless being wholesome and match sufficient to take pleasure in it.
The second hottest purpose behind the choice to retire early was monetary safety, with 26 per cent saying they might afford to not work.
Whereas 1 / 4 of these surveyed mentioned they wish to retire by 60, 20 per cent of individuals mentioned they are going to be aiming to go away working life by the age of 55.
Different components influencing folks’s selections embrace the need to spend extra time with their household or discovering that working is just too taxing and traumatic.
Of people who have retired early, 68 per cent mentioned they’re happier and 44 per cent mentioned their relationships with members of the family had improved. An extra 34 per cent mentioned they now have higher friendships.
Whereas early retirement resulted in higher private lives, it additionally negatively impacted the funds of virtually half of these (47 per cent) that had taken it.
Aviva, the insurance coverage firm who carried out the survey, mentioned the pandemic had led folks to reevaluate their priorities.
“The turbulent instances we’re dwelling by have given many individuals pause for thought to contemplate their work-life stability and suppose extra severely about what makes them completely satisfied,” Alistair McQueen, head of financial savings and retirement at Aviva mentioned.
“Our findings recommend the dream of an early retirement may be very a lot alive and kicking, however there are lots of components to contemplate alongside the best way and the present uncertainty in regards to the future doesn’t make this a straightforward determination.”
McQueen mentioned those that aspire to retire early ought to implement “small saving habits”, corresponding to placing apart any end-of-year bonuses for the longer term.
“It’s additionally vital to be taught from the lesson that, whereas happiness soars in retirement, many individuals discover their funds take the pressure after they retire early and cash worries are one of many largest components leading to folks returning to work,” he mentioned.
“When you aspire to retire early, it’s very important you intend your funds to be sustainable for the long-term.”
Extra reporting by PA