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Millions of people have planned towards the day they can depart the workforce and enjoy later life on their own terms. However, leaving a salary or a consistent stream of income can create financial challenges, placing an increased burden on older people.
At the same time, Britons will want to pursue particular later life goals, which can also come at an expense.
The “price of happiness” in retirement, has been unveiled by SunLife in its new Life Well Spent report.
The research has shown the total dream spend for over 55s to create happiness in later life is £145,833.
This can be split into various aspects of life, including holidays, extensions, mortgage payments, inheritance and more.
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Home improvements – £29,770
Some will want to spend their retirement sprucing up their home, whether this be through painting and decorating or garden renovations.
It is the bigger projects which were found to inspire the most happiness in over 50s.
When asked about their dream home renovation most people were found to want a new kitchen – but the average estimated cost of a dream renovation is £29,770.
Early inheritance – £20,778
Many over 50s want to see their loved ones enjoy an inheritance while they are still alive.
SunLife found some 25 percent of over 50s have given a cash gift to loved ones, with 19 percent of these categorising it as an early inheritance.
The average amount of early inheritance given to see their loved ones enjoy the money was £20,778.
Other dream spends – £19,907
The research found 81 percent of those asked said they felt happier after making a significant purchase such as a car or a holiday home.
The average amount people over 50 spend on a new car is £19,097.
Mark Screeton, CEO of SunLife, told Express.co.uk: “At a time when people are making sure every penny counts, it’s more important than ever to know that big purchases are going to be worth the spend.
“Our latest report, Life Well Spent, offers a fascinating insight into how over 50s are investing in their happiness in later life.
“It’s always daunting to commit to big spends, especially for retirees no longer receiving a full income. So, I hope our findings can be useful for people deciding whether or not to take the plunge.
“And, with the protections and product features of many modern equity release offerings, more and more people can make these dreams a reality for themselves.”
