Retirement not all it is cracked up to be: Skipton

A poll of Skipton Building Society’s pensioner clients found that just 10 months into retirement 31 per cent were struggling to cope without a monthly wage packet.

The research also revealed the average pensioner became bored just 10 months after leaving work.

Four in 10 still felt capable of completing a full-time job, while the novelty of having ‘free time’ had worn off after less than a year, with many people finding it difficult to fill their time.

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Stacey Stothard, corporate communications manager for Skipton, said: “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.”

Lack of disposable income, boredom, ‘partners driving each other mad’ and putting on weight due to inactivity were among some of the reasons why retirement ended up a disappointment.

The study came a month after data from the Office for National Statistics found that as people were living longer in retirement, their spending power became weaker.

Ruth Whitehead, principal of London-based Ruth Whitehead Associates, said: “This is a global issue. Very few people are making sufficient provisions for the long term. We’re all living longer and have to make our money last and there are too many terrible pension schemes out there.”