Larger retired population and more lavish spending means £13.6bn more fun than ten years ago.
A typical retired household has increased its spending on essentials just 38% in the last ten years – meanwhile spending on having fun has increased by 56%.
Whilst there are always likely to be essential outgoings that need to be guaranteed at any age, the initial years spent in retirement are likely to have higher discretionary spending on holidays and active hobbies.
Many of our clients recognise that their financial needs may be different at 60 than they are at 80. They like to keep their options open, to have the flexibility to make financial changes as they move through retirement.
If this is of interest to you or older friends and family, send us a message or give us a call on 0845 680 8910.
*Source: The Canada Life Retire UK Report 2015