What plans do you have when the pandemic is finally over? If one of them is to travel more, you’re not alone.
A new survey by insurer Royal London has asked the over-55s what their “bucket list” items were once restrictions are eased and the world opens up again.
Interestingly, Royal London also asked respondents why they haven’t been able to achieve some of their life ambitions yet – and it perhaps won’t surprise you to learn that “lack of money” was the top answer.
Read on to find out what most over-55s are looking forward to, and why careful planning is needed if you want to tick off all the items from your bucket list in retirement.
Two-thirds of over-55s plan to travel more in the post-pandemic world
Over the last year, repeated lockdowns have made it hard to do many of the things we’d have liked to.
So, as restrictions begin to ease and the vaccine rollout enables an opening up of society, Royal London asked the over-55s how they plan to spend their life once the pandemic is over.
Top of the list came travel, with almost two-thirds (64%) saying that they want to travel more in a post-pandemic world.
The top 10 bucket list items for the over-55s
Lack of money holding people back
As well as asking over-55s what their plans were once restrictions ease, Royal London also asked what had prevented respondents from achieving these goals in their life so far.
A third (33%) of people aged over 55 said that that were yet to achieve their lifelong goals due to a lack of money. Interestingly, almost two in five (38%) thought they would have achieved more by the time they reached 55.
When asked why they were yet to achieve their lifelong goals, respondents listed lack of money, work commitments, and family commitments as the top three reasons.
Considering that nearly half (43%) of over-55s say they will regret not achieving their bucket list items if they fail to complete them, it’s clear that careful planning is required if you want to achieve your goals.
Commenting on the survey, Louise Eaton-Terry, later life lead at Royal London, says: “Travel and new experiences are high on the bucket lists of over-55s post-pandemic. The research also shows that nearly half would regret not achieving their bucket list, with the lack of money or work and family commitments likely to be the reason for them not achieving their goals.”
Financial planning begins with establishing your life goals
As financial planners our job is not to sell you financial products that we think you need. Many of our clients are surprised when our conversations focus on:
- What you want to achieve in the future
- What your life goals and ambitions are
- How you want to spend your time now and in later years
- What items are on your bucket list.
Only by establishing what your ambitions and goals are can we help put a plan in place to meet them. Then, once we have a good idea of your aims, we can work out how we get there – for example, how we save “enough” to ensure you can live the lifestyle you want in your retirement without running out of money.
As we come out of lockdown, it’s a great time to reassess your plans, to set some firm goals for the future, and to talk to us to establish how you get there.
Email email@example.com or contact your adviser on 020 3828 8100.