Personal Pension  

Money ranks second only to health for over-55s

The insurer’s Real Retirement Report polled almost 18,000 UK consumers aged 55 and over between February 2010 and October 2013.

The insurer’s Real Retirement Report polled almost 18,000 UK consumers aged 55 and older between February 2010 and October 2013.

The 32-page report revealed that money trumped companionship for 27 per cent of respondents, while 38 per cent sought good health.

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Some 17 per cent placed the most importance on sharing their retirement with a partner, while 12 per cent looked for a happy family life. Three per cent valued devoting more time to hobbies and interests.

Being in good health became more important as people got older, with 42 per cent placing the biggest emphasis on it during the ages of 65 to 74.

The number seeking to share their retirement with a partner also rose within this age group, to 20 per cent.

The report revealed that 60 per cent of people aged 55 and older believed that paying off a mortgage was the best financial decision for their age group.

Clive Bolton, managing director of Aviva’s at-retirement business, said: “Listening to those who know what it means to be retired in 2013 leaves little doubt that financial stability can buy happiness and certainly help towards a stress-free lifestyle.”

Financial advice over-55s would give their younger selvesPercentage of respondent who agree
Save more on a monthly basis50%
Take out a workplace pension39%
Start contributing to a workplace pension earlier38%
Use a financial adviser to plan ahead15%
Make better use of savings products like Isas40%

Source: Aviva