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Britons fail to realise retirement plans

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19/06/2006

Although 1 in 2 Britons aim to travel the world when they retire, in reality financial limitations prevent most pensioners fulfilling this ambition, according to Engage Mutual Assurance.

It claimed that 53% of workers plan to spend their kid’s inheritance on travel in retirement, 36% hope to buy property abroad and 10% want to spend time on the slopes skiing and snowboarding. However, less than half of those with dreams of travelling (23%) will actually go overseas in retirement and only 7% will buy a foreign property.

In contrast, those with more modest retirement dreams, such as doing voluntary work (33%) or looking after their grandchildren (33%), are far more likely to follow through with their plans. Engage’s research found that 31% will carry out voluntary work, with 39% spending more time with their grandchildren.

Karl Elliot, spokesperson for Engage, said: “With people living longer, retirement is becoming a time when we look forward to new experiences, learning a new skill and relaxing with family. However, with the average state pension currently paying £82.05 a week, financial limitations often prevent Britons from fulfilling their more adventurous aspirations in retirement.

“Retirement savings need to go beyond the traditional pension. Saving a little and often well in advance and making use of the tax-exempt opportunities with ISAs and Guaranteed Equity bonds is a simple and easy was to top up a retirement provisions pot.”

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