How do you want to spend your retirement? If the answer is travelling, or at least taking lots of foreign holidays, then the majority of people agree with you.
It seems we all want to use our years of freedom to see the world while we still can. In our survey we found that both older and younger people agreed on this: the ideal retirement isn’t a quiet life, but an adventure.
The top five retirement dreams in our survey were:
As you can see, this effectively boils down to just two priorities: travel and kids. Interestingly it was the younger generation (18 – 34) who thought most about helping their children, with 49% making this a priority, against 29% of 34-54 years old and just 22% of the over 55s. But will they still feel as generous when they’re older, we wonder?
However, all these dreams have one thing in common – which is that they’re not likely to come true without careful retirement planning. We all know retirement is definitely going to happen, sooner or later, so planning for it as thoroughly as possible is only common sense. Tellingly, of those who dreamed of retirement globetrotting, just 16% were confident that they’d have the money to do so. It’s a very depressing figure – it suggests that most of those dreams are already seen as pipe dreams. Nearly half (43%) of respondents said they weren’t confident of making their retirement dreams a reality.
But it needn’t be that way. A financial advisor can focus on your specific goals and show you how to make them financially possible. Your chances of success increase in proportion to how far in advance you can plan. This could be why 52% of 18-34 year olds were confident of their finances in retirement – or it could just be wishful thinking. The lesson to be learned is that it’s never too soon to plan – and the very best time is when time is on your side.