Plan now to play later

By THIS IS MONEY
Updated: 04:59 EST, 7 July 2011

View
comments

When you're in your 30s, retirement seems a lifetime away, but it's never too soon to start thinking about it. A recent survey by Aviva found that if people who have recently retired could visit their younger selves, they'd tell them to:

• save more (47%)
• start saving into a pension (41%)
• look forward to retirement rather than dread it (24%)
• retire earlier (21%)

Retirement in the 21st century doesn't mean pipe and slippers and retiring from an active life. The new generation of retirees have replaced bird-watching and bowls with romance and socialising. They don't see themselves as old and certainly don't conform to the usual stereotypes of OAPs.

The 'Retirement Reality' study from Aviva shows that the first year of retirement is one of the best years. When asked to describe their first year after work, 66% of retirees described it as brilliant and exciting, with a whopping 72% proclaiming it one of the best years yet.

Their attitude to retirement has changed too. Twenty years ago, 30% believed that they would spend their retirement babysitting their grandchildren, 29% thought they would be gardening and another 29% thought they would pass their days reading.

The reality has turned out to be somewhat different. 25% of new pensioners are taking up photography, 36% are spending their time going out with friends and many have a list of 'things to do before I die' that includes:

1 Visiting some of the Seven Wonders of the World (47%)
2 Learning a new language (23%)
3 Touring Europe in a camper van / motor home (22%)
4 Going out with a younger man / woman (12%)
5 Driving a Ferrari (11%)
6 Starting their own business (11%)
7 Learning to play a musical instrument (11%)
8 Sky diving (9%)
9 Going to a music festival (9%)
10 Learning to surf (7%).

Paul Goodwin, head of pensions at Aviva UK Life, said: “It's clear from this research that younger people should see retirement as something to look forward to rather than dread, but, to make the most of this time in life, it's vital to be prepared financially. The earlier people start saving towards a pension, the more money they'll have to make the most of their retirement years.”

At Aviva, we help make pensions simple. Our website includes a video guide to talk you through the basics and includes interactive tools to help you get to grips with your finances. You can also preview Pensions Tracker, a system like internet banking, which helps bring your pension to life and allows you to take greater control.

Visit our website - aviva.co.uk - to see just how easy it can be to plan ahead for a happy retirement.