Retirement

Part of the Life Well Spent Report 2026

Does retirement make us happier? It would seem so – but what is it about retirement that so many enjoy?

Happiness and retirement

As we’ve seen in our section on happiness, retiring improves people’s happiness. 66% of those who’ve retired say they are happier in the long term (1% up since 2025, but 1% down since our first report in 2022), and 63% in the short term (the same amount as 2025, and down 1% since our first report).

And like last year, only 1 in 10 say they feel less happy since retiring.

How retirement affects happiness...
... in the short term

... in the long term

Retirement age reflects gender pension gap

The average age of retirement is 62 – one year later than it was in 2025. But 76% of retirees feel they did so at the right age. Those not yet retired would like to do so at an average age of 63 (two years earlier than those in 2025).

Just under half (47%) of those who are retired did so before reaching the State Pension age – 7% less than last year. This year only 1 in 8 delayed their retirement to continue working full time.

In fact, when we consider those who delay retirement to work both full and part time, it amounts to 21% of people in 2026.

Interestingly, there’s no major difference in retirement age between the unhappiest and the happiest people.

However, men retire earlier on average, with 55% (down 7% since 2025) retiring before State Pension age, compared to 41% (-5%) of women. Our data shows 42% of women who have yet to retire have no private pension savings, compared to just 30% of men yet to retire. This could also indicate how the gender pension gap is affecting retirement.

Did you retire at the right age?

Like in 2025, 3 in 4 retirees feel they retired at the right age – rising to 84% for the happiest people (up 1% since 2025). But 10% of the happiest people feel they retired too early – 6% down since 2025. And over 1 in 4 (28%) of retirees have no private pension, relying solely on a State Pension.

Fewer people are planning to retire early

Of over 50s yet to retire, 28% would like to retire before reaching the State Pension age (4% less than 2025). This is compared to the national average of 30%.

39% (+3%) plan to retire at the State Pension age. And 33% (+1%) would like to delay retirement and continue working either part time (17%) or full time (16%).

The unhappiest over 50s are the most likely to retire at the State Pension age (46%) or to delay retirement to continue working part time, with 21% saying this is their plan – compared to 16% of the happiest over 50s.

If money wasn’t an issue, 63% of over 50s who are yet to retire would like to retire early to pursue their hobbies – 2% lower than 2025. 37% would continue working either full or part time, compared to 35% last year.

Thoughts on work and retirement

Those who’ve retired say they enjoy having more time to do what they want, not having to answer to anyone, and spending time with loved ones.

With 32% of over 50s and 31% of under 50s saying that their job gives them purpose, work can still bring joy. However, half of over 50s are counting down the days until they can retire, with 28% saying they want to retire but cannot afford to yet, and a further 21% saying they like their job but are looking forward to retirement. Although, a fifth say they will miss their job when they retire.

Thoughts on retirement

“I just love doing lots of different things. I volunteer for three different agencies with hours that suit me, I have taken up Bridge and met new people, I go on a walk once a month, and again have met different people, I catch up and have a leisurely lunch with my friends, spend more time with my grandchildren and children and I also have more time to relax, read, do jigsaws and generally please myself.”

Female, aged 63

Significantly improved my happiness

 

“I love being retired and having the opportunity to spend more time with my two young grandchildren while their parents work.”

Female, aged 67

Significantly improved my happiness

 

“I thought I would be happier, but I miss my work colleagues very much.”

Female, aged 55-64

Slightly reduced my happiness

 

“I did not enjoy my job, and I worked long hours so did not have much free time. Now I am enjoying having time to do things I like doing like getting out in nature"

Male, aged 55-64

Significantly improved my happiness

 

“Pros: more time to myself for gardening and hobbies. Can sleep in the mornings if I want to.

Cons: my work kept me very active as I spent much time walking as a courier. Since retiring my health has deteriorated. My income has suffered. Also, I made friends with many animals on my rounds and now I don't see them.”

Female, aged 83

Slightly reduced my happiness

 

“My previous job of 37 years was so stressful and time-demanding. Even though I did retire because of health issues, I am more relaxed now. I have more time for things I have missed doing for so long. And because I worked hard, I was able to prepare myself and my father for quite a comfortable standard of living.”

Male, aged 66

Significantly improved my happiness

 

“I feel a bit lost as I don't have many hobbies and not many friends. I do enjoy that I can see my grandchildren more often though”

Female, aged 56.

Slightly reduced my happiness