A recent survey of over 40s here in the UK has uncovered the leading spending priorities anticipated when people reach retirement.
Improvements to homes and gardens were the leading aspirations of those surveyed, with 36 per cent of respondents hoping to spend money on their properties. However, 32 per cent of people over the age of 40 planned to use their funds to top up their daily living expenses.
The research also uncovered that 24 per cent of people planned to splash out on the holiday of their dreams during their retirement, while others looked to aid their family members. Instead of spending retirement funds on a getaway, 23 per cent of respondent stated they would assist their children and grandchildren to gain a firm footing on the property ladder. Additionally, 15 per cent confirmed they would use retirement money to pay for the education of their grandchildren to reduce the debts they would shoulder.
Finally, 14 per cent of those taking part in the survey commented that they would clear their outstanding mortgage payments, and nine per cent said would repay unsecured debts.
Those approaching retirement or preparing for the day they stop working can look to wealth managers for financial advice in Shropshire, Chester and other parts of the UK. Along with providing guidance on investments and general finances to ensure clients achieve their goals, wealth management experts can also help with specialist services like retirement and estate planning, along with mitigating the inheritance tax bill paid by their beneficiaries.