£11,000 a year... the cost of a happy retirement: Spending 468 hours on hobbies and seeing grandchildren also makes pensioners' lives happier

Retirement: contented pensioners also spend 21 days on holiday abroad, and live in a detached house with a garden in the country

A happy retirement costs £10,820 a year and involves spending 468 hours on hobbies and an hour a day with grandchildren, a new study found.
The contented pensioners also spend 21 days on holiday abroad, and live in a detached house with a garden in the country.
Ageing Brits need a pension pot of £225,756 to fund this leisurely lifestyle for a typical 17 year retirement.
But with an annual state pension paying a maximum of just £5,727, over 300,000 people aged 60 to 65 face a £106,000 income gap.
This is because they have no retirement savings whatsoever, the study by retirement specialist LV found.
The blueprint for a 'happy retirement' includes spending an average £752 on holidays abroad each year per person.
A contented pensioner would also like to spend 364 hours with children and grandchildren, and £249 lavishing them with gifts.
They need a further £1,716 to pay for the 312 hours socialising with friends and £480 for the 468 hours indulging their hobbies.

We also wish to retire at the age of 65, have good transport links, and be within walking distance of local amenities.
Children and grandchildren must live no more than 24 miles away, the poll of 1,070 adults aged 60 to 65 found.
The “essential” annual cost of living for a retired person in Britain today is £7,623.
Adding the £3,197 cost of a 'happy retirement' takes the total to £10,820.
Almost one in ten people nearing retirement (8 per cent) have no form of pension or retirement funds in place.
This means an estimated 315,200 people will be relying on nothing but the state pension of £110.15 per week, or £5,727.80 a year.
With a happy retirement costing at least £10,820 per year - or £208.08 per week - this group fall short in their pursuit of happiness by £5,092 in their first year and £106,243 over the course of their retirement.
Of those aged 60 to 65 who do have a pension, 27 per cent do not know the value of their current pension pot.
Industry figures show a third of people (29.7 per cent) have a pension pot of less than £10,000.
However, given half of those who are still to retire have not sought any form of financial advice (49 per cent), the true shortfall in their pension will not become apparent until they are ready to retire.

Spending: They need a further £1,716 to pay for the 312 hours socialising with friends and £480 for the 468 hours indulging their hobbies

Shop worker John Morris, 61, from Brighton, East Sussex, said: 'I’ve struggled to pay my bills throughout my life so have never managed to pay into a pension.
'I am concerned I will not be able to pay for life’s luxuries in old age.
'However, I am happiest when I spend time with my family and play bowls with my friends, which do not have to cost a fortune.'
Vanessa Owen, head of annuities and equity release at LV , said: 'It’s clear Britain has fairly modest aspirations when it comes to what they feel they need for a happy retirement.
'And indeed many of the features of a happy retirement, such as time with family and friends, cost no money at all.
'However, one cannot shy away from the fact that achieving contentment in retirement, as with any lifestyle, does come with a price tag - over two hundred thousand pounds according to the research.
'It’s never too late to make a difference, but it’s important that people plan for the retirement as soon as possible and also explore all of the options available to them as retirement approaches.
'This will allow them to maximise their income once their working lives come to an end.'
She added: 'With people spending longer in retirement one of the challenges is looking at how they fund it.
'Today’s retirees now have many options available to them at the point of retirement and it’s important they make the best possible choice, as it will impact them for years to come.
'Seeking professional advice can put them on the path to a retirement where they have both the buying power and quality of life they desire.'
One in three people nearing retirement (33 per cent) say they would not be contented unless they holidayed for over a month every year.
A similar number (37 per cent) admit they could not achieve happiness in retirement unless they were able to spend over £1,000 on these trips.
In fact, only 5 per cent of all 60 to 65-year-olds would be happy in retirement without any holidays.
When it comes to socialising, 6 per cent are planning a very frugal retirement and do not intend on spending any money.
At the other end of the spectrum, 8 per cent believe they would need to spend over £4,500 per year wining and dining with friends to achieve happiness.