How Do You Intend to Celebrate Milestone Occasions?
Many people have a bucket list for big birthdays and milestone occasions. It’s hardly surprising! After all, it’s a big deal turning 50, 60 or 70, or celebrating a Silver or Golden wedding anniversary. In recognition of these major milestones, our clients often plan to do something special. Many also plan to travel when they retire. Part of the financial planning process is helping our clients to realise their biggest ambitions in life – and making sure they have the financial resources in place to turn dreams into reality.
Bucket list ideas
Some recent research has revealed some inspiring ideas, with those turning 50 making plans to live life to the full and tick a few big items off their bucket list. In the research commissioned by over-50s specialist SunLife more than half of the UK’s over-50s said they have already fallen in love, married, bought a house and become parents by the age of 50.
It’s an impressive collection of life experiences, so what comes next? Turns out that they are not planning on fading out and starting to plan their funerals just yet! Indeed, what’s on their later life bucket list is just as significant as their earlier life experiences.
One in four of those surveyed think that attending a music festival, learning a foreign language and reading more than 100 different books are important milestones.
Travel high on people’s lists
Travel features high in many people’s plans for the big 5-0. The over-50s surveyed by SunLife wanted to travel to all seven continents, throw coins in the Trevi Fountain and visit a volcano.
We applaud this! In our experience, an important contributor towards living a happy life in retirement is having a clear purpose and vision for the future. Without carefully considered ambitions for the future, retirement can often lose its meaning. It then becomes a wasted opportunity; not an outcome we want for any of our clients. It might be a little cliched, but improved longevity combined with more opportunity for travel means that retirement really is a golden age.
SunLife’s Director of Marketing, Ian Atkinson, said:
“For many, 50 is a milestone age when you not only look back and take stock but start planning new adventures and experiences.
“While a third of people in their 60s and 70s say they try and save their money to pass on as an inheritance, far more would rather enjoy it now.
“Having worked hard, many believe 50 is the point where their life is just getting started. In other research, we discovered that eight out of ten people age 55 and over will use assets such as property wealth to live a fulfilling and enjoyable retirement, with one in four (27%) admitting they would invest in a holiday of a lifetime”.
Inspirations for your bucket list
Looking at the bucket list ambitions of those surveyed by SunLife, there’s some fantastic inspiration! Especially if you are looking to create an ultimate bucket list.
• One in four said seeing the Northern Lights would be at the top of their retirement bucket list. According to SunLife, a trip to see the Northern Lights can be achieved for around £750.
• One in ten expressed an ambition to visit all seven continents.
• The over 70s were more likely to make plans to throw a coin in the Trevi Fountain in Rome, which is very romantic. Throwing a coin in the Trevi Fountain means you’ll return to Rome someday. Coins should be thrown from the right hand over the left shoulder.
• Nine in ten over-50s have at least one regret. Not seeing enough of the world is the most common. This is what makes world travel such a common retirement bucket list item.
How much should you aim to save?
A global tour doesn’t necessarily come cheaply. SunLife found that a trip to visit all seven continents would cost an average of £13,179. This cost assumes you create an itinerary. This could include a South African safari, Antarctic cruise and India’s Golden Triangle (Taj Mahal). You might also include Australia, Mexico or Peru, and the European Capital of Culture in Valletta. And what about a trip to New York? At this level of expenditure, it’s important to factor the goal into your lifetime financial plan. If you don’t you could run out of money before the end of your life!
So what’s on your retirement bucket list? And do you have a financial plan in place to make it a reality?
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