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Foreign travel the most popular retirement activity (45%)
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Staycations also popular (37%)
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As is spending more time with the family (31%)
The top ten hopes for retirement are to:
Andrew Tully, pension technical director at Retirement Advantage, said: ‘When people think about retirement they clearly want to have as active a lifestyle as possible, whether that be through travelling, volunteering for a charity or taking up a new hobby. Curiously, people would rather go on holiday than spend more time with their family or friends.’
When thinking about their retirement finances, the research finds that the ability to go on holiday (57%) and start new hobbies or have new experiences (37%) are more important to people than paying for long-term care (22%) or leaving enough for an inheritance (11%). However, the need to pay household bills (70%) continues to top the table of financial priorities.
Andrew Tully added: ‘While it’s great that people approaching retirement want to maximise the enjoyment of their later years, this can only be achieved successfully with a financial plan.
‘Securing an income to pay the bills is the obvious priority, allowing any remaining funds to be used to support the active retirement many people dream of. Combining annuities and drawdown can provide the peace of mind and flexibility to support this lifestyle, and for most people, the right plan starts with the right professional advice.’
Retirement Advantage has developed a tool which helps people choose how much of their pension should be used to secure a guaranteed income and how much can be left to invest or accessed more flexibly. To try out the Discover Your Options tool, please follow the link https://www.retirementadvantage.com/discover-your-options |
