A recent report has shown that over-55s intend to live life to the fullest once lockdown restrictions lift.
The survey by Royal London found that 64% of those at, or approaching, retirement plan to head abroad post-pandemic, with travel goals featuring highly on the bucket lists of those surveyed.
Family and work commitments have previously made achieving these goals difficult, as well as financial concerns. 36% of respondents said that it was a lack of money that had held them back.
However, with an LCP report confirming back in February that the coronavirus pandemic has created six million “accidental” savers, now might be the time to put these savings to use.
Keep reading to find out the bucket list items your clients most want to tick off. Plus, how working with Boolers could help your clients achieve their dream retirement, with or without “accidental” savings.
The coronavirus pandemic has affected pension contributions
As global economies begin the process of recovering from the pandemic, it is clear that some economic consequences will be more far-reaching than others.
Money Marketing reported in October last year that almost a third of Britons had either stopped or reduced their pension contributions, or planned to do so in the future, as a direct result of Covid-19.
Stopping or reducing contributions can have a huge impact on your clients’ pension pots at retirement. With this in mind, back in December we looked at the 4 reasons why stopping pension contributions can have a huge long-term impact on your clients and found that even a small break can:
This is why having a robust retirement plan in place is so important.
Boolers can help make your clients retirement dreams a reality
Nearly half (43%) of those surveyed by Royal London said that they would regret not achieving their goals, but lack of money is the main reason why retirees will fail.
Whether your clients want to travel the world or spend more time with their grandchildren, Boolers can help.
Budgeting made simple
Through getting to know our clients’ goals and aspirations we can put a plan in place that is individual to them. Whatever their dream retirement looks like – and whatever their bucket list items are –the plan begins with a holistic look at your client’s overall finances.
We can use simple budgeting techniques and cashflow modelling to help clients understand where their money is going and where it would be better spent.
Helping clients take control of their finances
Once a client is saving for their retirement, we can use our knowledge of the markets to help cut out the noise of stock market volatility.
This will give them control and confidence in their finances so that they don’t have to cut contributions – or stop them altogether – if the unexpected happens.
Picking the right option for your clients
Making the choices at retirement can be difficult and there are many options to choose from – including the “traditional” annuity and more flexible options such as lump sums and drawdown.
While an annuity offers a stable and known income that makes budgeting easier, flexible options put the emphasis on your clients to manage their own retirement income. From the impact of inflation to fluctuations in the market, living a dream lifestyle and ticking off bucket list items without running out of money can be a difficult balancing act.
So, what are the main bucket list items your clients want to tick off in retirement?
Travel plans dominate the bucket lists of over-55s
Royal London found that world travel accounted for 7 of the first 10 items on the bucket lists of those surveyed. This included seeing the Northern Lights (53%), travelling on the Orient Express (42%), and visiting one of the Seven Wonders of the World (36%).
As summer approaches, many over-55s will be looking to tick off annual events closer to home too.
Source: Royal London
While some large-scale events, like Glastonbury, have been cancelled, other smaller UK music festivals are due to take place. 13% of the over-55s will be looking to attend.
And sporting events, such as Wimbledon, will also be going ahead, albeit with limited crowds. Of those surveyed, 20% said that a major sporting event would be on their post-pandemic bucket list.
Others want to use their extra time in retirement to volunteer for a charity or to drive a supercar.
At Boolers, our combined experience and expertise can help your clients to live their dream retirement, whatever that looks like to them.
Get in touch
If you have clients who are looking to make the most of their retirement post-lockdown, and who would benefit from help planning their retirement income, please get in touch. Email email@example.com or call 0116 240 7070.
A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by the interest rates at the time benefits are taken.
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