Move over Margate - The British retirement Riviera is en route to Norway
Two in five (40%) retirees have a ‘Bucket List’ of things they would like to achieve in retirement, according to a new survey by Fidelity Worldwide Investment.
While DIY and home improvements feature high on people’s ‘Bucket Lists’ – it would appear today’s retirees are all about travel. In fact, three quarters (73%) of retirees with a bucket list view their golden years as an opportunity to fulfil their travel dreams, either by heading off on a luxury holiday, taking a road trip or jetting off on an around the world adventure.
And far from having simple aspirations, the survey’s findings suggest a new-breed of adventurous pensioners, also known as ‘adven-sioners’, is emerging as retirees look well beyond the UK, choosing instead the Northern Lights, backpacking across Europe and a helicopter ride over Las Vegas as the top things to see and do when they retire.
Top 10 Bucket List destinations for retirement
View the Aurora Borealis in Norway 29%
Go on a cruise in the Caribbean 25%
Inter rail across Europe 23%
Take a helicopter ride over the Grand Canyon and the Las Vegas strip 20%
Ride a gondola in Venice 18%
Walk the Great Wall of China 18%
Go on a road trip down Route 66 in the US 18%
See the Taj Mahal, India 17%
Go on an African safari 17%
Visit the pyramids in Egypt 15%
Maike Currie, associate investment director at Fidelity Worldwide Investment, comments: “People no longer see hitting age 65, traditionally the so-called ‘retirement age’, in the same light as they did in the past. Many people over 65 are healthy, active and independent. As the survey’s findings show, rather than slowing down and taking it easy, today’s retirees plan to live life to the full. They are keen to travel the world and make the most of their golden years. In many ways ‘65 is the new 50’.”
Despite having ambitious plans, just one in five (18%) think they will be able to tick everything off their Bucket List. Of those that don’t, one in four (25%) believe poor health could prevent them from doing everything they want to do, while almost half (48%) are worried they won’t have enough money to fund their trip.
The research suggests the early years may be the best time for retirees to achieve their ‘Bucket List’, not only because of health reasons, but because this is when spending tends to be lowest. The research found that monthly spend is highest in the latter stages of retirement (ages 70 – 74) increasing from a total average of £936 to £1,005 per month, while those in the earlier stages of retirement, aged 60 – 64, spend an average of £874 per month. Over half of retirees (56%) believe their regular monthly outgoings will rise over the next five years with 88% putting this down to rising living costs.
Currie continues: “While we would all love our retirement to be one long holiday, without careful planning people could end up spending the bulk of their savings before they know it or, fail to make the most of their retirement and the money they do have in fear of what the future may hold.
“It can be difficult to adjust to life once the paychecks have stopped – you will need to balance a drop in income with your aspirations for a comfortable and fulfilling retirement. By identifying how much you will need to maintain your lifestyle, it can be easier to plot a course for your retirement, factoring in your health and how active you feel in the early years as well as any expenses which go above and beyond the daily necessities.”
Fidelity’s Retirement Service is designed to help people get the most out of their retirement savings and can be found at fidelity.co.uk/retirement.