Wednesday, August 25, 2021

Top tips for retirement from Sun Life

One of the bottom lines of the survey done by Sun Life is that In general, those who are retired are happier with life now they have retired. In addition, the respondents offered a range of practical hints and tips were given by those who are retired to help others prepare for retirement:

Enjoy retirement

80% said that life has become better since they retired. They have more time and the freedom to do what they want.

Start saving from a young age

Save money when you can, and try not to ‘fritter money away’ on small things. The average net monthly income amongst those who are retired is £2,114 and around 8 in 10 are hopeful that they have enough money to last their retirement.

Don’t retire too early

The average age of retirement was 59, and although 76% felt they retired at the right time one in five (18%) said they retired too early. Few felt they retired too late.

Plan for the future

Paying for support and long-term care is a worry for many, particularly if their partner needed long-term residential care. Only 9% of those who are retired felt they could definitely afford this.

End of life planning

Many have not yet planned their funeral yet. Of those who are retired only 36% have made any plans for their funeral

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