Retirement is fast becoming the new ‘gap years’ as the over 55s discover their dreams of retirement are just that as a gulf widens between their hopes and financial reality.
The findings of a new study showed the over 55s have a false reality of their ‘golden’ years where they enjoy endless holidays at their place in the sun.
Many overs 55s reported they equated retirement with golf club memberships and exotic breaks we’re also dreaming of countryside walks, regular spa visits and new cars.
However, these yearned for golden years were really just a gold-plated veneer of a not so shiny retirement.
The organisation says only one in 10 over 55s is saving enough cash to fund their retirement hopes and dreams.
Beneden Healthcare’s Marc Bell said: “We often see adverts aimed at those of retirement age with a sun-soaked hazy vision of glorious days spent in relaxation. The truth is somewhat darker with the reality being that, for many of us, retirement will be just as much a struggle as our working years – if not more so.’
“Nearly of third of us are caught up in this dream of putting greens and Mediterranean cruises – a far cry from the reality where retired people can only afford two short UK-based trips a year.’
“The ideal retirement appears to feature taking on new hobbies and doing what you always wanted to, yet is contradicted by the apparent realisation by nearly half of those taking part in the survey that they are probably not saving enough for the future. Staggeringly, a fifth of us are yet to even begin saving for our retirement.”
The research revealed the dreams of over 55s included:
• 30% think their standard of living will improve dramatically once they retire
• 10% reckon they won’t need to work in retirement, while only 6% think they’ll need extra income to support their pension.
• The majority expect at least four holidays abroad a year in retirement, but those currently retired can only afford two short breaks in the UK – and live on less than £37 a day.
Despite the majority expecting a comfy and relaxing retirement, 45% admit they don’t think they’re saving enough for the future and remarkably, a fifth are saving nothing at all.
