A survey conducted by a Preston based pensions company has found their members associate ‘time’ and ‘freedom’ with retirement.

Local Pensions Partnership (LPP) had over 12,000 people respond to their survey, which asked members “what does retirement mean to you” and asked them to answer in a single word, sentence or photograph.

The survey was run as part of LPPA’s Life is for Living campaign.

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The five most popular words given in response to the question were ‘time’ (mentioned 32 per cent of times), ‘freedom’ (22 per cent), and ‘family’ (12 per cent), followed by ‘opportunities’ (six per cent), and ‘travel’ (five per cent). 

LPPA aimed to get a better understanding of what retirement means to people and how views and priorities change throughout retirement.

Members were divided into six different age groups, ranging from 16 to 24 to 71 and over, and results showed the concept of retirement changed with age.

Younger responders described retirement as ‘relaxing’, while older responders used words including ‘family’ and ‘opportunities’.

Jo Darbyshire, Managing Director for LPPA, said: “Our research has shown that the concept of retirement has moved on from the stereotypes of the past. It’s not just about winding down, putting your feet up or going on a world cruise. For many people, it’s a fresh start and an opportunity to try new things. It was particularly interesting to learn how perspectives change as people get older.”

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What are you looking forward to when you reach retirement? Let us know in the comments below.