Messages about the need to plan for retirement seem to be making an impact, claims research from Clerical Medical.
In its first ‘Enjoy Tomorrow’ report - part of a series of research looking at people’s attitudes to retirement - Clerical Medical says 77% of people have a positive attitude towards retirement with a trend for greater aspirations surrounding travel and part-time work.
That said, the survey reveals while only half of respondents said their parents or grandparents travel in retirement, and one in four claim they don’t want the same lifestyle with 81% planning to travel domestically and 77% intending to travel internationally once they retire.
In addition, one in three workers say they want to retire abroad, with the most popular destination for 49% of respondents being Spain or elsewhere in Europe, while 9% plan to move to Australia and 6% want to go to the US.
Paul Shelley, a spokesman for Clerical Medical, says it is encouraging to see more than half of those surveyed see themselves working part-time in retirement, as although they have great aspirations for travel, hobbies and buying cars, they’re realistic about having to work longer in order to fund the plans.
Shelley points out the research found 72% would like to retire by the age of 60, but only 46% thought they would actually be able to retire by then, with more than half of respondents believing they will keep working until they are 65 or older.
He adds: “Clearly the messages around the need to plan for a comfortable future are being heard by a lot of people. It’s encouraging to see future retirees have aspirational plans.”
But Clerical Medical says one in three workers still believe they do not have access to enough information or have enough understanding of the options available to fund their retirement plans.
Shelley says: “Making your money work harder is crucial to achieving short and long term goals and seeking the advice of a financial adviser is a step in the right direction. Retirement should be a time to enjoy life and a high standard of living can be achieved with a good private pension and investment programme in place.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
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