UK Over-50s Yearning to be More Adventurous in Retirement if the Funds Last

The following is a press release from Girlings Retirement Rentals.

It seems that Britain’s retirees won’t be putting their feet up any time soon with many longing to travel and see more of the world, according to new research from Girlings Retirement Rentals, the market leader in retirement rentals. 

The research of over 1,000 people aged over 50 conducted on behalf of Girlings by 4mediarelations revealed that almost three-quarters (70%) want to travel more when they retire, with more than a third (37%) wanting to travel at least 2-3 times a year. 

Girlings Retirement RentalsBut rather than blowing all their money on one big trip, the over-50s plan to use their money wisely to make the most of retirement, with almost two-thirds (63%) saying they do not intend to take their pension out as one lump sum.

However, fewer than half of people (43%) think their money will actually last them until their 80s or 90s, so it may be difficult for some to sustain this more adventurous side of retirement unless they plan ahead and ensure they have the finances in place to ensure a good standard of living.

The research also highlighted that 35% of people want to move in retirement and downsizing is one way they could release their equity and free up money for funding retirement.

Peter Girling, Chairman, Girlings Retirement Rentals says: “Today’s over-50s view retirement as an opportunity to do all the things they may not have had time for in the past. With people living longer and being healthier, many will spend a third of their life in retirement. They need to plan their finances well to fund the lifestyle they aspire to.

“One good financial solution may be to sell the family home and downsize – either to rent a retirement property on an assured tenancy or to buy. This can free up capital to invest or spend on family or to travel if they wish. It also takes away the worry of maintaining a larger home, which can be a strain as people get older and downsizing may also result in reduced bills,” adds Mr Girling.

Moving to a specialist retirement development can also help combat loneliness. Girlings research showed that loneliness is one of the biggest fears of people as they get older.

Peter Girling comments: “Retirement developments have communal areas such as lounges and gardens so people can socialise. Many of the residents also organise social events such as coffee mornings and fish and chip suppers, so people can join in with these if they feel like it. People need not feel lonely which is important for people as they get older, especially if they live alone.”

Gary and Wendy Robinson both 69 have recently downsized and moved into a retirement property. They sold their family home in Basildon to rent a Girlings property in Clacton-on-Sea

Gary is a former transport manager and he and his wife retired early at age 60 and decided to downsize as their home seemed too big after their three children had left home.

Gary said: “We had a lovely split level house, but it was just a bit too big for us. Also whilst the house was new when we moved in, we were starting to need to do some work to it, including having a new roof and a new boiler.

“We didn’t want the responsibility of having to maintain the home as we get older so thought renting would be a good option. We also didn’t want to take on another mortgage and couldn’t afford to buy.

They looked at several Girlings properties and finally chose a lovely one-bedroom apartment at Imperial Court, Clacton-on-Sea, one of 83 flats in a purpose built development which is extremely secure with a door entry system and CCTV. The property has a sea view and is just a 100 meters walk to the sea.

Gary says, “We are really happy to rent. The apartment is great and it’s really safe and secure. We also like the fact that we have access to a 24 hour emergency call system in our apartment. My wife has Prinzmetal angina which can make her heart go into spasm. She has medication but it’s a comfort to know we have the call system to hand just in case something should happen.”

The couple enjoy an active social life. They walk everyday along the seafront and take part in some of the social activities arranged at the development including bingo nights, darts nights and pub lunches, Halloween and Christmas events and regular film nights.

Gary is also a keen bowler and is out several times a week bowling. He also travels around taking part in Bowls England President matches.

The couple love to travel too and Gary is always on the computer finding good holiday deals.

Gary concludes: “Last year we went to Cyprus, Jersey and Majorca. We love to travel and as we are retired we can find the best deals. We are always confident that our apartment is safe and secure when we go away which is a real plus to living in the development we are in.”

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

3 Comments

  1. I think that’s just great. If downsizing works for them and they’re okay with renting, then that’s what they should do. Until recently, I thought that renting looked pretty good. But the problem now is that rents, at least here in the US, are skyrocketing. It’s crazy…

    Interesting post James.

  2. Retirement is supposed to be fun, but when you do not plan properly the fun goes to someone else.

    I am glad to hear people are living longer. However, you have to be ready for retirement.

    I had about 9 months to prepare for my retirement. I paid off bills and cut back on spending.

    While, I could use some extra money, I am still able to travel.

    I used to own a timeshare. Even though, timeshares are a bad investment, I made the best of it.

    • No doubt that retirement is enhanced by proper long-term planning. It’s no coincidence that the tagline of this blog is living better through planning. Thanks for stopping by, my friend and adding your thoughts.

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