Love is key to a happy old age
LOVE is the essential ingredient for a happy retirement, says research. Having a partner is why more than two-thirds of over-60s say they are pleased with their lives.
About 58 per cent said having close family living nearby was also important and 61 per cent said liking where they live is vital.
Surprisingly perhaps, fewer than half said having enough money was important to the pleasure they took in life.
But of the more than one in 10 who say they are unhappy, 36 per cent picked lack of funds as the main cause.
Meanwhile more than a quarter highlighted poor health – and a similar number blamed lack of an active sex life.
The research, by property experts Homewise, showed the West Midlands is the best place in England for retirees with just six per cent saying they are unhappy.
One in three across the country regrets not having enough holidays and 32 per cent feel lonely as they do not have a close family that they see a lot of.
Three in 10 feel lonely because they do not have many friends.
Mark Neal, managing director at Homewise, said: “Family and where you live appear to be the main reasons for living a happy life in retirement and it is interesting that it’s not necessarily all about money when it comes to happiness.
“Unfortunately that’s the reverse when it comes to being unhappy where finances seem to be the biggest issue for many.” One solution to the problem is for retirees to find work, even if only part-time.
Another survey says one in seven over-65s is boosting their retirement income by taking on jobs, earning about £296 extra per week.
The numbers of over-65s in work has increased from just eight per cent 10 years ago to 13 per cent – the equivalent of 1.1 million people.
But the elderly are doing well. Average pensioner incomes after tax and housing costs are now just seven per cent below average incomes for working households.
The analysis from MetLife Insurance shows that pensioner couples are three times more likely to be boosting working.
The need to keep working is underlined by the continuing squeeze on saving and investment income, which generates just £312 a year for pensioners on average.
The proportion of pensioners who are earning money from investments they have made has dropped retirement income by from 72 per cent in 2004/05 to about 64 per cent now. Simon Massey, Wealth management director at MetLife UK, said: “The rise in average pensioner incomes is a very welcome development.
“Clearly a major part is the increasing numbers who are working and earning substantial amounts on top of pension incomes.”