From eating out every week to going on holiday twice a year or starting a new business, new research conducted by pension advice specialist, Portafina reveals how Brits are planning to spend their retirement.
Despite recent reports about the future of the state pension, Brits aren’t letting their anticipation for their ‘golden years’ be dampened as they plan big for their retirement years.
The study, which involved a poll of 2,000, looked into attitudes to retirement, levels of financial preparation, and plans for the future.
With over half of working Brits stating that they are eagerly anticipating their retirement, Portafina reveals the top ten ways the nation plans to spend its retirement years:
1. Spending more time with family (35%)
2. Taking up a new hobby (34%)
3. Being more active (33%)
4. Travelling the world (27%)
5. Spending more time with friends (24%)
6. Fulfilling a lifelong dream (24%)
7. Starting their own business (18%)
8. Eating out once a week (17%)
9. Going on holiday twice a year (17%)
10. Getting work experience in a dream career (14%)
Over a quarter (26%) of those in current fulltime employment did express concern about the cost of retiring, but the research showed this isn’t deterring our ambitions; with 29% planning on using retirement years to travel the world, 33% hoping to master a new language, and 27% even planning to learn to play a musical instrument.
A third (32%) hoped to be able to quit work completely – with the average aspired age sitting at 57 - but 40% said that semi-retirement was definitely an option, and not just for financial reasons.
Whilst 15% of those deliberating semi-retirement said their decision would ultimately come down to a need for extra income, more than half (53%) felt it allowed you to ease into the change, and 31% even believed that semi-retirement could be the perfect time to fulfil lifelong job ambitions, or start a business.
Of those currently enjoying semi-retirement, 30% said the time had offered them the chance to start a new career.
Suzi Grant, 67, (current location: Ibiza) said, “I became a blogger three years ago at the age of 64 and it’s now ridiculously successful. I never expected that what started as a hobby would become nearly a full-time job!
“I worked in TV and radio most of my working life, trained as a nutritionist then wrote three books before happily retiring at 60. Because photography, writing and health are my passions, I have taken to my new career like a duck to water.”
Jamie Smith-Thompson, managing director of Portafina commented “There is always so much negative press about retirement, which must seem so depressing for younger generations that feel they are facing decades of work in order to secure the future lifestyle they want – and deserve.
“With semi-retirement revealed to be a viable option for so many, and numerous retirees already using this as a way to fulfil lifestyle and career ambitions, the nation’s dream retirement age of 57 may be achievable to some degree – that’s something I think we can all get behind. It’s important to remember that this can only come about through people taking retirement planning into account as early as possible”
