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Brits increasingly
want to retire into a life of enjoyment but will struggle to afford to, according
to research from the Scottish Widows UK Pensions Report 2008*.
Travel is the most popular
activity for the retired with nearly half (45%) of retirees packing their rucksacks
and taking time out. As well as travelling to keep active, 27 per cent have
taken up a new hobby in retirement and nearly one in 10 (9%)keep their minds
active with evening classes. Back in the home, nearly a third (30%) of retirees
are spending more time on home improvements and almost half (46%) are taking
advantage of the extra free time to potter around the garden. However, the research
also reveals that almost half (49%) of those still working are not saving adequately
for retirement**, meaning for many people, dreams of a full and active retirement
will remain just that. And among current retirees, one in six(17%) who received
a tax-free lump sum from their pension arrangement used it to pay off a mortgage
and almost a quarter (24%) used the lump sum to pay off other debts rather than
spending it on enjoying their retirement.
Ian Naismith, head of pensions
market development at Scottish Widows comments: “It is encouraging to
see that so many people are enjoying themselves after they retire, but it is
vital that people who are still working realise the difference between wanting
a good retirement and actually planning for one. It’s a shame that some
people need to spend their hard earned savings on paying off a mortgage or clearing
debts. Retirement should be about enjoying life.
“If people take action
now to start saving enough, then they will be able to make their retirement
dreams and aspirations come true, avoiding what can be the reality of having
to struggle to get by in later years.”
Not all post-retirement
pursuits are costly however some may even pay for themselves, with seven per
cent spending time to pen a new best-seller and three per cent focusing more
time trying their luck with the bingo balls.
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