Retirement dreams need planning, report says

20 June 2006
People in the UK have grand plans for how they want to spend their twilight years, but many fail to realise these dreams, according to a new survey.

Research conducted by engage Mutual Assurance found that 53 per cent of working Brits plan to see more of the world once they retire and 36 per cent are looking to buy a home overseas.

In addition, a large proportion of workers are looking forward to the extra time giving up work will offer them, with 44 per cent wanting to read more and 36 per cent keen to spend time at home.

For people in the UK to achieve this kind of retirement lifestyle, Karl Elliott from engage Mutual Assurance urges people to make preparations in addition to the state pension.

He says: "Retirement savings need to go beyond the traditional pension. Saving little and often well in advance and making the use of tax-exempt opportunities with Isas and guaranteed equity bonds is a simple and easy way to top up a retirement provisions pot."

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