One in two Britons plan to travel the world when they finish working, but research out from engage Mutual Assurance shows few pensioners ever fulfil their retirement aspirations.
With the governments long-awaited white paper on pensions proposing an
extension of the state retirement age, and the Britsaver scheme set to
impact on pension provision, engage Mutual Assurance compared the
expectations of those yet to retire, with the experiences of those already
The results show stark contrasts between peoples plans and the
realities of retirement.
With an emerging trend in denture venture, more than half of workers (53%)
are planning to spend their kids inheritance on travel in retirement; a
third (36%) hope to buy property abroad and one in ten (10%) will spend time
on the slopes, skiing and snowboarding.
Seeing retirement as an opportunity to escape the rat race, Britains busy
workers look forward to relaxing in retirement, enjoying the simpler things
in life. 44 % look forward to reading more and over one in three hope to spend more time pottering in the house and garden.
Seeing retirement as an opportunity to give something back after many years
at work, a third of workers plan to do voluntary work in retirement or
spend time looking after their grandchildren.
Unfortunately retirement does not always match up to expectations.
The majority of workers planning foreign adventures for when they retire are
likely to be disappointed by the reality; less than half those aspiring to travel will go overseas in retirement and fewer still, just 7%, will sign a foreign property agreement.
However, those looking forward to spending time relaxing or helping in the
community are more likely to fulfill their aspirations.
Pottering in the house and garden (56%) and reading (46%) are Britons top retirement pastimes, and almost all of those planning to volunteer in retirement will follow through their good intentions (31% compared to 33%) with more than a third spending more time with their grandchildren.
Karl Elliott, 3GB spokesperson for engage Mutual Assurance says: With
people living longer, retirement is becoming a time when we look forward to
new experiences, learning a new skill and relaxing with family.
“However, with the average state pension currently paying 82.05 a week, financial limitations often prevent Britons from fulfilling their more adventurous aspirations in retirement.”
“Retirement savings need to go beyond the traditional pension. Saving little and often well in advance and making the use of tax-exempt opportunities with ISAs and guaranteed equity bonds is a simple and easy way to top up a retirement provisions pot.