The coronavirus pandemic has had a massive impact on UK finances. While many have been able to save, for others, making ends meet has been a struggle.
This discrepancy has led to six million “accidental” savers amassing over £150 billion, while up to a quarter of savers – according to Money Marketing – were forced to reduce their pension contributions.
Now, with restrictions beginning to lift, a new report from Royal London has asked over-55s what they plan to do post-pandemic. The responses show that those approaching retirement, and already in it, are set to make the most of their newfound freedoms, with many bucket lists including world travel.
While nearly half of respondents stated that they would regret not achieving their bucket list dreams, 36% claim that it is a lack of money that has prevented them from ticking items off sooner. Keep reading to find out how HDA can help you achieve your retirement dreams.
Over-55s set for world travel post-pandemic
Asked by Royal London to name the bucket list experiences they were hoping to tick-off, 53% of respondents stated that they would like to see the Northern Lights (53%).
And this was just the tip of the travel iceberg, with many other travel destinations named on the list.
Over-55s would also like to use their post-pandemic freedom to travel on the Orient Express (42%), visit the Seven Wonders of the World (36%), and go on a safari (22%).
Other adventurous choices to make the top ten were taking a hot air balloon ride (20%), driving a supercar (16%) and going to a festival (13%).
Respondents cited many reasons for failing to tick items off their bucket lists before the pandemic arrived. “Lack of money” was by far the most popular (36%). Other reasons included work commitments (16%) and family commitments (12.4%).
Nearly half (43%) of respondents confirmed they would regret not achieving their bucket list. Careful planning is clearly required, and that is where we come in.
HDA can help you put a plan in place that is based on your individual circumstances now and your future dream retirement. Having a plan in place gives you the best possible chance of ticking off your bucket list items, whatever they are.
Putting a retirement plan in place that works for you
At HDA our discussions with you don’t begin with financial products, or even with your finances. We start by getting to know you.
That means understanding your lifestyle now and your goals and aspirations for the future. Once we know what your dream retirement looks like, we can help to put a build a plan designed to get you there.
From the basics of budgeting and cashflow modelling, we can begin by deciding how and where to use the money you have. We recommend you pay off any high-interest debt you have, for example, or that you look to build an emergency fund. This could give you a firm foundation from which to start building your financial future.
We can help decide on a pension contribution amount that is realistic and affordable.
We can then guide you through the whole of your pension accumulation phase. This might mean helping you to stay calm through market fluctuations – such as those we saw in March 2020 – or conducting regular reviews to ensure you are still on track.
Once you retire, HDA will still be there to help you manage your retirement spending, helping you achieve your bucket list dreams without running out of money.
Get in touch
The return to normality – albeit delayed for the time being – is a great opportunity to take stock of your finances and put a plan in place for your future.
At HDA we can use our decades of financial experience to get to know you, putting robust strategies in place aligned to your long-term goals.
If you’d like to make your bucket list dreams a reality, please get in touch. Email enquiries@hda-ifa.co.uk or call 01242 514563.
Please note
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.