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Retirement expectations ‘more realistic’

Retirement expectations ‘more realistic’

Category: Pensions

Updated: 05/03/2009
First Published: 04/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons are becoming more realistic in their retirement expectations, preferring to focus on hobbies and time with the family rather than second homes and round-the-world cruises.

The findings, which are part of a study by the Lincoln Financial Group, show that just a quarter (26%) of the population expect their funds to support a holiday a year after they leave work, while a lowly 6% think they will be able to take a trip around the world.

People have set their sites on more humble rewards; treating family and friends tops the lists while a quarter are looking forward to spending extra on existing hobbies.

"These days it's all about the simple luxuries, such as learning new hobbies and generally making do with what you can - all on home turf," commented Simon O'Connor, head of products and marketing.

In related news, a study by Prudential has found that 2.2 million adults in the UK are delaying retirement due to the economic conditions, while one in four fear they may never be able to retire.

"Now more than ever it pays to seek early retirement advice from an independent financial adviser and we would suggest that people start planning for their retirement early, ideally at least 15 years from retirement," said Martyn Bogira, director of defined contribution solutions at the Pru.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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