Babyboomer generation plans adventurous retirement, Aviva survey finds
Last updated 7/5/2010 9:58:47 AM
Babyboomer generation plans adventurous retirement
New research from insurance group Aviva reveals how the Babyboomer generation could disrupt the typical view of retirement. Reluctant to hang up their hats, they intend to travel the world, enhance their social lives and improve their health and fitness.
The Aviva research reveals that 43% of retirees see retirement as the start of a new, exciting stage of life and 23% would like to be using the time to travel the world.
Some 49% want to spend more time on hobbies, with 60% hoping to generate an income from them and 62% plan to get into shape in order to enjoy a longer, healthier retirement.
Clive Bolton, "at retirement" director for Aviva said: "Babyboomers have enjoyed certain benefits such as rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyles they desire. In the run up to retirement, people should think about how they want to spend their days, and in reality, how much this will cost. Regardless of what pension pots people have, turning them into a viable income is vital, so shopping around for an annuity is an important next step.
"This research also opens up an interesting debate around who should fund retirement. If babyboomers are unprepared, there may be an expectation for younger generations to foot the bill in one way or another. This issue is particularly relevant in the current environment. In order to move forward, people in this country need to decide collectively what is a fair balance between paying for their own welfare, and relying on the wealth created by future generations."
Babyboomers as a generation have generally experienced rising property prices, enjoyed the benefits of the National Health Service and have been able to secure state pensions. And as a result of living through continued boom periods, they could be entering retirement healthier, more energetic and adventurous than previous retirees.
Almost half (43%) see the landmark as a chance to try out new opportunities and experiences. Globe-trotting is high on "to do" lists with nearly one in four (23%) planning to jet off to foreign shores. However, this may change for many as the reality of their pension pot becomes clear.For those who prefer to stay on home soil however, their days could be financially fruitful. Almost half (49%) of retirees will be spending more time on hobbies, with over 60% of over 55s hoping this will make them additional money. Typically associated with an entrepreneurial generation, Babyboomers will continue to challenge themselves, utilising skills acquired during their working life to generate income into retirement.
Socialising remains high on the agenda as Babyboomers choose to use retirement to spend more time (and possibly money) with friends and family. Nearly half (48%) of over 55s plan to spend more time with their loved ones, and are likely to become inexpensive - or even free - babysitters for their grandchildren. Some 62% of Babyboomers intend to stay young, fit and active in their retirement by maintaining or improving their attitudes to health and exercise.
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