Holiday top priority after reaching retirement, study shows

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Financial Services > Pensions > News

Holiday top priority after reaching retirement, study shows

Fri, 14 Jul 2006

A holiday is the top priority for people reaching retirement within the next five years, according to research.

However, more than a third of UK residents have an insufficient pension income to do so, the figures show.

The figures, which come from a GE Life report, are based on the fact that upon reaching retirement, UK residents have the option of taking 25 per cent of their pension savings as a lump sum.

Just over half of those surveyed stated they wished to use the maximum lump sum from their pension upon reaching retirement.

Scott Dolfi, chief executive of GE Life, comments: "The reality is that the golden days of retirement are far from a realistic prospect for the majority and retirement really won’t be a holiday unless people take action now.

He adds that with UK residents living longer, they need to carefully consider how they will cope on a pension income after reaching retirement and spending on holidays may not be advisable.

A new online system from Standard Life has been set up to help UK residents plan their budget upon reaching retirement.

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