After a long career of hard work and wealth accumulation, it’s only right that you want to relax when you retire. This might mean putting your feet up, pottering at an allotment, or heading off to travel the world.
Legal & General (L&G) recently looked into the travel plans of more than 2,000 UK retirees, with some surprising results.
Keep reading for all the headlines from this study, as well as everything you need to know as you start thinking about your bucket list travel plans for 2025.
Family and friends are key to post-work happiness, which might explain why many retirees opt to stay local
When you think about dream travel in retirement, you might picture white sandy beaches and cruise ships with five-star menus and world-class entertainment. But the first stop for most UK retirees appears to be a little closer to home.
When retirees were asked about the types of trips they had already been on or planned to go on in retirement, the top three survey responses were:
- UK-based long weekends
- Beach holidays
- Staycations
It seems that recent retirees are less keen to jet off to an exotic paradise than you might think. There might be several reasons for this.
Staycations are generally cheaper, easier to organise, and can often be planned last minute. The average Brit might fit several short UK breaks into a year, even while planning less frequent but more far-flung trips abroad.
The recent survey also found that while 62% of retirees had set money aside for retirement travel, more than a fifth (21%) hadn’t saved anything. Alongside potential costs, there are security concerns too. Just 43% of women felt confident traveling solo, although this figure jumps to 68% of men.
When we do go abroad, the survey suggests that Brit retirees like to stay fairly close to home, favouring western Europe, with Spain as the preferred destination (46%). The top five is rounded out by:
- Italy (41%)
- Greece (31%)
- Portugal (31%)
- France (30%)
The USA also received 30%, marking the first appearance for a non-European country.
Rest and relaxation are high on the priority list of holidaying Brits
L&G found that rest, relaxation, and a break from routine (58%) were the main reason Brits chose to travel. Other reasons cited included:
- Spending time with a partner or loved one (50%)
- Creating meaningful experiences and memories (46%)
- Ticking new sights and places off a bucket list (34%).
This could explain why some adventurous and demanding types of holiday featured near the bottom of the list of retirees’ holiday plans, including:
- Adventure trips (9%)
- Skiing trips (3%)
- Backpacking (3%)
Winter sports are clearly a young person’s game. Interestingly, and despite rounding off the above list, backpacking did see a small rise in popularity post-Covid.
Back in 2022, the Guardian reported that over-55s were “eschewing the traditional cruise holiday” in favour of roughing it on a budget. These so-called “grey gap years” were said to be partly a response to Covid lockdowns.
A couple of years later, though, this trend appears to have calmed down.
While just 4% of 55- to 64-year-olds have been on a cruise, this type of holiday was favoured by 22% of those making retirement travel plans. More than a quarter (26%) of over-75s, meanwhile, had already made their cruise dream a reality.
A solid financial plan should be the basis of your plans whether you’re cruising the Med or glamping on a staycation
L&G found that while 62% of those surveyed had put money aside to pay for their travel plans, more than a fifth (21%) have made no financial preparations at all. This is despite the most important factor in choosing a travel destination being overall cost. The top three factors were:
- Overall cost (61%)
- Warm or sunny weather (55%)
- Affordable accommodation (50%).
Whatever your plans, a solid financial footing is key, helping to ensure your plans are affordable, both while you’re away and when you get back.
It’s only right that you want to enjoy your retirement once it arrives but budget carefully. Your retirement fund is intended to last for the rest of your life but this shouldn’t dissuade you from taking a quiet staycation or the trip of a lifetime.
At Globe IFA, we can help you think about how you manage your pension decumulation, to factor in the lifestyle you want to live and the memories you want to make.
Get in touch
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you manage your long-term financial plans.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
