Retiring, after a lifetime of work, is a future many of us can’t wait to start. But, the change in pace and purpose – and more free time – can stir up mixed emotions and place new-found pressures on mental health.
M&G Wealth Retirement Revisited Report* has shown that 2 in 5 (42%) are concerned that they’ll be bored in retirement. Fear of loneliness in retirement affects 42%. And almost 1 in 4 (23%) are afraid that spending more time with their partner in retirement could lead to divorce or separation.
In addition, there’s also the current cost of living crisis, which is affecting many people and those on fixed incomes in particular. The research shows that more than half (55%) of respondents aged 55-75 are concerned about the cost of living, with 92% of the UK population reporting an increase in their living costs according to the Office of National Statistics latest Public Opinion Report**.
With so much to potentially contend with, it’s no surprise that many are struggling with anxiety and depression – serious conditions that affect millions of people across the world and are more common in older generations^.
Mental health issues used to be considered a ‘taboo’ subject, and something that was not openly discussed. Thankfully, for the most part, that has now changed and there are plenty of advice and support options available, whatever your age.
*Retirement Revisited report by M&G Wealth, published Oct 22.
**Office of National Statistics (ONS) report: Public opinions and social trends, Great Britain, published Feb 2023
^Depression stats, World Health Organisation, here.