Financial freedom in retirement
With earlier retirement a serious consideration for many people seeking balance in their lives, a quarter of Brits who aspire to retire early feel that age 60 is the optimum time to do so and are planning for financial freedom in retirement5.
What makes you happy?
If you’re planning to celebrate your 60th birthday by waving goodbye to working life, it’s good to know that 68% of people reported an increase in overall happiness when taking early retirement; 44% of early retirees said their family relationships improved and 34% said their friendships were better. From a health perspective, 57% of early retiree respondents reported a boost to their mental wellbeing, with 50% believing their physical wellbeing improved.
Enjoying more freedom
Nearly a third (32%) of people who retired early or plan to do so are driven by the desire ‘to enjoy more freedom while still being physically fit and well enough to enjoy it.’ Other factors driving people to pursue early retirement include financial security (26%), wanting to spend more time with family (20%) and having different priorities (23%).
Careful planning needed
47% of retirees found that their finances worsened in retirement and a sizable 24% of people had to return to work after retiring because of
financial issues. It's essentail to try to plan for financial freedom in retirement.
Positive steps to financial freedom in retirement
It’s very important to be realistic when considering early retirement but with meticulous planning and careful consideration, we can assess
your options and help to develop a robust plan which can help ensure that happiness doesn’t need to come at a cost when retiring early.
Together we can plan for inancial freedom in retirement.
5 Aviva, Dec 2021