Financial limitations affecting retirement dreams
Older Britons are failing to realise their retirement dreams because of financial limitations, according to new research.
One in two retirees plan to travel the world when they finish working and one in three hope to set up home overseas but few ever fulfil their aspirations, claims investment provider Engage Mutual Assurance.
With the prospect of financial difficulties causing dreams to be discarded, more than half of workers are planning to spend their kids inheritance on travel in retirement.
Only 23 per cent will be able to afford a new home overseas and just seven per cent will actually sign a foreign property agreement.
"With the average state pension currently paying £82.05 a week, financial limitations often prevent Britons from fulfilling their more adventurous aspirations in retirement," said Karl Elliott from Engage Mutual Assurance.
"Retirement savings need to go beyond the traditional pension. Saving little and often well in advance and making the use of tax-exempt opportunities with ISAs and Guaranteed Equity bonds is a simple and easy way to top up a retirement provisions pot."
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