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18 April 2017 07:50
Many retirees are planning big holidays in the near future
Holidays have topped the priority lists of people approaching retirement, with close to two thirds (64%) aiming to go on more trips once they leave the world of work behind.
A study from Skipton Building Society shows that 42% of retirees look set to go on the trip of a lifetime, while 44% intend to embark on a new hobby.
However, whether planning to head far afield on long-haul flights or opting for city breaks a bit closer to home, retirees will need to take out seniors travel insurance before they jet off.
Supporting the next generation
The study revealed that it won't all be sun, sea and sand for older people. Some 48% said they intend to use their savings to meet the costs of their future care. And another 45% confirmed that they will use some of their savings to help their children or grandchildren out.
Despite this, Jacqui Bateson, senior propositions manager at Skipton Building Society, said: "When looking at the attitudes towards saving for retirement, there's a clear trend towards seizing the day over saving for a rainy day."
More than 6,000 people took part in the organisation's survey, with around 1,000 of them already in retirement.
Other saving goals
Elsewhere, it was discovered that 39% will use some of their savings to pay for the education of younger generations within their family. Some 36% want to build up a pot of cash that can be used as an inheritance, meanwhile.
It's not all about planning for the future either, with 42% of those polled saying they have existing debts that need to be paid off.
Older people now have a much broader choice of what to do with their money in retirement. Pension freedoms were launched in 2015, which mean they no longer have to buy an annuity with their pension savings when they give up work.
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