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Newsletter

Retirement 'a time of lifestyle changes'

By Tom Farley, Thu 12 Aug 2010 - Published in Pensions

One-quarter of people face health problems in the first few years of their retirement, new figures have shown.

A poll carried out by financial services provider LV= found that 24 per cent of pensioners believe their health worsened in the five years after giving up work, either through a general decline or because of a serious illness.

The research also found that early retirement tends to be a period of change in areas other than health, as 34 per cent welcomed a grandchild in the world and 25 per cent have moved home.

Matt Trott, head of annuities at LV=, 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."

He added that people should prepare financially for these events, to prevent them creating an unexpected strain.

Recent research by Scottish Widows found that 30 per cent of retirees are worried that they do not have enough money saved to enjoy their golden years.