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Most over-60s have retirement plans

07 November 2012 09:19

Some 26% are planning an extended trip overseas, like a cruise

Some 26% are planning an extended trip overseas, like a cruise

Almost three-quarters of people over the age of 60 have already made plans for their retirement, according to new research from Age UK. The seniors charity said 74% of the over-60s had an eye on things to do after they retire, with 26% requiring seniors travel insurance in anticipation of taking an extended foreign holiday, 20% looking at refurbishing their home, and 16% expecting to take up new hobbies to fill their spare time.

However, not all of those polled shared that optimism after 29% expressed concerns about their ongoing financial uncertainty, with poor savings returns and slumping annuity rates making a comfortable retirement a less likely prospect.

Gordon Morris, managing director of Age UK Enterprises, said: "Our survey shows that many people nearing later life are excited about their retirement and keen to make the most of it, but the financial crisis could put their ambitions at risk. In this challenging economic environment it is more important than ever to properly plan ahead to maximise income in retirement, so that the needs and aspirations of later life can be met."