Newspaper article Manchester Evening News

One Fifth of Retirees Find It Difficult to Adjust, Report Says

Newspaper article Manchester Evening News

One Fifth of Retirees Find It Difficult to Adjust, Report Says

Article excerpt

ACCORDING TO A NEW SURVEY BY YOUGOV, ONE IN FIVE ADULTS RETIRED IN THE LAST FIVE YEARS ADMIT TO FINDING IT DIFFICULT

AFTER a lifetime spent working, you'd expect retirement to be a welcome relief. But for many it seems the change takes more adjusting than predicted. In fact, a survey revealed that as many as one in five recently retired adults struggled after calling it quits.

The data also revealed that only half (56 per cent) of UK workers planning to retire in the next five years are looking forward to it, with 41 per cent worried about managing their money, a third concerned about feeling bored (33 per cent) and missing their social connections from work (32 per cent), and nearly a quarter worried about losing their purpose (24 per cent). Some 17 per cent of workers are worried about being lonely in retirement.

But despite this, most retirees do little to plan for this major life change, the survey suggested, with more than half of the people who had retired in the last five years revealing they didn't seek any advice or help to prepare (56 per cent).

Nearly half of people (45 per cent) are heading for a 'cliff-edge retirement' - meaning they haven't made any arrangements to change their working hours in preparation, working one day and stopping completely the next.

The survey was carried out by YouGov with more than 1,000 people across the UK who had retired in the last five years, and more than 1,000 who are anticipating retiring within the next five years. It formed part of research by the Centre for Ageing Better and Calouste Gulbenkian Foundation UK Branch (CGF) exploring how retirement affects people and what kinds of intervention and support could help them better manage the transition.

WORKING THROUGH EMOTIONS The study also involved an evaluation of seven pilot pre-retirement workshops, delivered by different charities, which focused on building resilience and emotional well-being. Having the opportunity to reflect and take stock of their strengths, skills and personal attributes boosted participants' sense of self-worth, and left them feeling better equipped and confident to deal with change and future challenges. …

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