Retirement news
Realities of retirement different to the fairy tale dream
9 October, 2006
The generation gap is wider then ever with today’s under 25’s planning for a fairy tale retirement, while the current generation of retirees paint a less rosy picture of their hopes and fears.
According to Prudential, the Lifetime Mortgage Provider, the mantra of the live fast, die young generation has long gone and today’s under 25’s aspire to be a generation of family-focused, freedom-loving travellers in retirement, but many may not have considered the hard realities of being a pensioner.
When asked what they are most looking forward to when they reach retirement, over two-thirds of under 25’s named spending time with their grandchildren and almost as many said they would want to go on long holidays.
Over half were also hoping to finally have the freedom to do what they want to do, and 51 per cent were looking forward to living in their ideal home.
However, only 7 per cent of the under 25’s worry about not having enough money, which realistically may put their travel plans and dreams of a perfect home in jeopardy.
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Ali Crossley, Pru’s UK Director of Lifetime Mortgages, said: “It is good to see that today’s young generation has such a positive outlook regarding their retirement life. However, the reality of this may be somewhat different if they don’t start planning to achieve their retirement aspirations.”
Next: Reality hits with age
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