59% of Sheffield respondents say their 'perfect retirement' means living stress-free without money worries

Legal & General's new survey reveals key generational differences in retirement planning and the type of retirement they envision.

In the survey of over 2,000 UK adults, 36% of UK adults plan to relocate in retirement. However Gen Z were more eager to relocate in retirement by 61% compared to just 17% of Baby Boomers.

In Sheffield, Legal & General discovered just 28% want to relocate in retirement suggesting many are content staying in the UK. For the 28% eager to relocate, a joint 47% say they want to move for a new experience and to explore a new city.

The 'perfect retirement' means different things for everyone but for the majority of Sheffield respondents (59%) it means living stress-freee without money worries. For 48% of Sheffield respondents it means being active and keeping fit in retirement, followed by having the freedom to travel and explore new places.

Nearly half of Sheffield respondents (44%) envision they will have a moderate retirement (where their basic needs are covered but with some money left over for non-essentials) and 17% envision they will have a comfortable retirement with more financial freedom.

When asked how much people believe they will have saved up for retirement, across the UK the mean average was £276,514. However for Sheffield respondents this was slightly lower at £205,268.

Lorna Shah, Managing Director, Legal & General Retail Retirement comments:

“The dream of relocating or travelling in retirement is a popular choice among retirees, but it requires careful financial planning to become a reality.”

“At Legal & General, we have a variety of tools to help you prepare for your retirement, such as our Retirement Income Calculator to help keep your retirement plans on track.”

Please see further survey results here: https://www.legalandgeneral.com/retirement/pension-annuity/guides/redefining-retirement/