Ambitious life goals of the over-55s
Retirement isn’t what it used to be
We interviewed 2,000 homeowners aged 55 and over in the Spring 2018, to ask them about their goals and aspirations for the future. The majority (72%) of over-55s told us they still have goals in life that they would like to achieve.
Far from taking it easy and coasting through into retirement, many saw their increased freedom as an opportunity to take on new challenges and hobbies. People we spoke to felt excited about writing their memoirs, going on dancing holidays or even climbing mountains!
Transcript: Life Goals
"One of my goals was to write a book, which I’ve now finished after three years. I intend to give it to the family for Christmas. So that’s one goal then, and then I need to find a hobby."
"I’ve been in amateur dramatics all my life, you know, and I’ve got all my entertainment and enjoyment from that. You know, I’ve just loved doing it. I did play Mr Sowerberry in Oliver the musical and I did play, um, I’m having a senior moment, it was the railway cat in Cats the big show, I can’t think of his name now."
"Well we go off to Torquay, we went last year, and we’re going up again this year. We do sequence dancing, it’s great fun. About 52 of us going."
"I’ve been on three world cruises. I work part time at a doctor's surgery and it gives me enough money to travel, rather than spending it, using my savings. That’s the main thing."
Having life goals was credited with providing a range of positive outcomes, including: staying young, feeling more alive and even challenging others expectations of people over 55.
So what is holding them back from achieving their life goals?
Money was the main barrier to reaching goals cited by respondents. More than half (51%) gave this reason. Only 14% of respondents defined themselves as very financially comfortable, compared to 23% that stated they were not at all comfortable.
Funding their life goals was tackled in a variety of ways. Some were using savings, others had taken a more sacrificial approach. For instance downsizing their homes, working more or delaying their retirement to build a bigger pension pot. Only 4% had released equity from their home to give themselves a better quality of retirement despite the over-55s sitting on more than £1 trillion in housing wealth. Could your client use some of the money tied up in their property to fund their dream retirement?
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