The retirement income riddle

This research looks at the emotional impact of retirement decision-making on people’s lives, and whether the choices we make at retirement have any lasting impacts on our wellbeing. For the study, we analysed the English Longitudinal Survey of Ageing and found that there is a correlation between health and wellbeing, and the retirement income choices people make.

Our research reveals that almost one in five lower income earners with drawdown pensions said they have not enjoyed life over the past week. This compares to 9 per cent of those in the same income group who bought an annuity. These individuals were also more likely to say that they had felt ‘sad’ for much of the past week (22 per cent), compared to retirees who knew exactly what income they would get month-to-month (15 per cent). For pensioners on more modest incomes, 13 per cent in drawdown said they never felt free to plan for the future, compared to 5 per cent of those with an annuity.

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