Research from Skipton Building Society has revealed the average retiree is bored just ten months after leaving work. The Society has found that less than a year after hanging up their work hat for good, the retirement glow has completely worn off.
A study of 787 people in retirement shows that despite looking forward to the days when they didn’t have to clock on at 9am, when it came to it, they really missed their place of work. Four in 10 still felt capable of completing a full time job, while 31 per cent struggled to cope without their monthly wage packet.
The study shows that before retiring respondents had looked forward to having lots of free time to pursue personal hobbies and interests, meet up with family and friends, and embark on lots of holidays.
But just 10 months later the novelty had completely worn off – with many people finding it difficult to fill their time.
Stacey Stothard, Corporate Communications Manager at Skipton Building Society, which conducted the study said:
“Retirement is no longer something that just happens at a set age. Increasingly people have options and therefore decisions to make. Being able to retire with money, health and general happiness is everyone’s aspiration – but for many of us, that might not happen without the right approach.
“Despite anticipating retirement for a greater part of their working life, our study shows that many people struggle to adjust to a new existence that’s free of structure. Some feel unproductive or that they’re wasting their accumulated career knowledge. Ten months in and many feel their retirement isn’t as good as they thought it would be.”
The study shows that for 54 per cent of Brits, the retirement glow wore off because they missed the camaraderie they had at work, while four in 10 felt their mind was no longer being pushed.
More than a third grew fed up that everyday ended up being the same as the last, and a fifth felt completely redundant. Loneliness, boredom, and the feeling of aging quickly were all cited as reasons why retirement wasn’t as enjoyable as they had imagined.
While 19 per cent claimed daytime television is awful, and 24 per cent blame the great British weather for putting a stop to them getting out and about. A fifth of people didn’t enjoy being classed as ‘old’ simply because they were retired, and 14 per cent were taken for granted a little by family, as it became expected for them to run around after children and grandchildren.
Lack of disposable income, partners driving each other mad and putting on weight due to inactivity were other reasons why retirement ended up being a disappointment.
A fifth of retirees claimed they should never have left work so soon, but during those early months did enjoy meeting friends for lunches, spending time in the garden and having time to sit down with a good book.
During the first few weeks of retirement a third of people went on a much anticipated holiday; while 23 per cent used the time to have a big clear out.
Booking a holiday, buying a new car, taking up a new hobby and spending more time with the grandchildren are all ways people enjoyed their time as soon as they left the world of work. Interestingly, of those polled, more people retired in March than in any other month of the year – and 42 per cent of people admitted they have a better outlook on retirement during the summer months.
And there are certain elements which make retirement easier – two thirds of retirees claim having plenty of money makes life less troublesome, while 84 per cent say good health counts for a lot. Living near friends, having a partner who is still around and retired, and having plenty of hobbies all pave the way for a more relaxed and enjoyable retirement.
Stacey Stothard continues:
“There are certain things in life that you can’t anticipate or plan for. But we all hope to reach retirement age, and based on that alone, we can take steps to plan for that new-found free time – no matter how many years away from retirement we are, From thoroughly understanding your personal finances, through to establishing what you actually want to do or achieve in your retirement; considering these key areas can give you much needed direction and drive.
“People retire from work, not life. And while the fresh novelty of being newly retired may fade, many retirees have found that by challenging themselves, finding new forms of enjoyment, learning new things, and having ambitions, can all help ensure you’re as busy and stimulated in retirement as you were in work. As our survey has shown, I doesn’t really matter what your goals are, so long as you have some to ensure you stay in control.”
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