Study claims to show how much you need to be happy in retirement

Asimovs_nightfall

Phossy said:

For all you Meldrews out there.

World Happiness Report Data Dashboard | The World Happiness Report

I don't believe it!

artyboy

Happiness is a forum where you can endlessly debate how much you need to be happy.

With graphs.

Moonwolf

You do all understand that the line is a median or mean or regression line based on a scatter plot, not a single point at a given pension that all people have the same happiness.

The scatter plot will have the responses of all the people to a happiness questionnaire that gives a single score based on the answers to one or more questions about happiness.  There will be people who are depressed with low scores, people who score low even though they are fairly happy, they just don't think they are or enjoy being unhappy, pollyannas who are happy despite the woes heaped on them, and people who are genuinely happy.  The average is all those people in each income band.

Are these scores accurate?  I think as an absolute measure it is probably meaningless.  As a measure for comparing people on different incomes questioned at the same time, it probably has some validity. 

You will probably be a lot happier on £1,700 a month than £1,000 a month, all other things taken into account.  It probably accurately shows for pensioners the point at which money woes cease to be a major component of their wellbeing. The crowd tends to form an accurate consensus when enough people are asked, look up Francis Galton and guessing the weight of the bull.

Of course, I suspect the numbers vary geographically as well, London needing more than Sunderland.

JoeCrystal

JoeCrystal said:

Bah. As if money can solve everything! You can have just a high enough income but still be miserable. 

The one I am interested in is to listen to https://www.resolutionfoundation.org/events/living-standards-in-later-life/ tomorrow.

Now, that is a far more critical topic worthy of consideration as it affects far more people across the country, considering most people in the private sector are in DC pension schemes! Still... I cannot help but think it will reach the same conclusion as Legal & General; I can see People's Pensions fund this particular topic this time! The report referenced earlier suggests increasing contribution to 10%; I wonder what tomorrow will suggest? My crystal ball says 12% 

I am watching the presentation given by the author of the report  regarding pension adequacy. I especially like how they look at the pension commissions report and how things changes.

https://www.resolutionfoundation.org/app/uploads/2024/10/Perfectly-Adequate.pdf

I linked the presentation on youtube about it, I personally thought it is really interesting!  It starts at 14:35 into the video.

https://youtu.be/SCICjUgE_yw?t=875

jim8888

It's easy to say when you don't have money worries, but obviously having good health and a wide circle of friends and (maybe) family are just as important. There seems to be loads and loads of discussion about pensions in the media and a lot less about health and fitness in retirement. As for stuff like loneliness and isolation in old age, I suppose the attitude is "Who wants to read about that?" But social contact for oldies, and especially men, shouldn't be a taboo subject. 

Albermarle

jim8888 said:

It's easy to say when you don't have money worries, but obviously having good health and a wide circle of friends and (maybe) family are just as important. There seems to be loads and loads of discussion about pensions in the media and a lot less about health and fitness in retirement. As for stuff like loneliness and isolation in old age, I suppose the attitude is "Who wants to read about that?" But social contact for oldies, and especially men, shouldn't be a taboo subject. 

Probably because pensions are a political issue and easy for media to produce endless shock bombshell headlines, especially with Oct 30th getting close.
The media would probably find it more difficult to blame a politician for people not keeping fit enough.

Albermarle

Bah. As if money can solve everything! You can have just a high enough income but still be miserable.  

As Spike Milligan said ' It is true that money can not buy you happiness, but it does bring you a more pleasant form of misery '

Sarahspangles

jim8888 said:

It's easy to say when you don't have money worries, but obviously having good health and a wide circle of friends and (maybe) family are just as important. There seems to be loads and loads of discussion about pensions in the media and a lot less about health and fitness in retirement. As for stuff like loneliness and isolation in old age, I suppose the attitude is "Who wants to read about that?" But social contact for oldies, and especially men, shouldn't be a taboo subject. 

Health and fitness comes round in the media in January.
December advice about Christmas presents, cocktails and seasonal excess.
November - not sure what they will find to talk about.

Sarahspangles

Albermarle said:

Bah. As if money can solve everything! You can have just a high enough income but still be miserable.  

As Spike Milligan said ' It is true that money can not buy you happiness, but it does bring you a more pleasant form of misery '

Or Woody Allen ‘Money is better than poverty, if only for financial reasons’

Secret2ndAccount

"I've tried being rich and I've tried being poor. I like rich better."