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New research from insurance company Prudential reveals
that far from taking life at a slower pace when they
retire, the baby-boomer generation plan to become
'geri-actives', busting the retirement cliches.
The research reveals that the over 55s are gearing up
for an active retirement with the top six plans for
'life after work' being gardening, socialising,
travelling, golf, painting and writing novels.
However, Prudential warns that the 'geri-active' dream
has a price - those nearing retirement will have to
find an extra ?5,000 to fund this new lifestyle.
Greenfingers
Gardening tops the list of 'must do' activities for
the over 55s, with over half (8.8 million) planning to
spend more time in the great outdoors post-retirement.
And more socialising is on the cards - eating out,
visiting friends, dinner parties and spending more time
in the pub are high on the agenda with 8.0 million over
55s intending to step-up their social lives once they
give up work.
When it comes to sport, the over 55s are keen to get
on the greens and perfect their swings with 1.6 million
over 55s (three times as many men as women) planning to
devote a lot of time to golf when they retire.
Globetrotters
 The
research also revealed that escaping to the sun and
seeing the world will be a high priority for baby
boomers, perhaps inspired by the travel exploits of
their children and grandchildren. 7.8 million over 55s
would like to holiday and travel more once they retire,
sparking a new trend of 'gap-year grannies and
granddads'. And it's not necessarily a two-week jaunt
we're talking about. Forty-five per cent of Brits have
an appetite to live abroad permanently in retirement
with the top five hotspots being Spain, Australia,
France, Canada and USA.
Creative juices
It looks like these new horizons are also set to
provide plenty of creative inspiration:
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2.1 million over 55s plan to take up painting as a
hobby in retirement
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Nearly one in ten - the equivalent of 1.3 million
people - have aspirations to be the next
'blockbuster' author by penning a novel in
retirement
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Perhaps surprisingly, crosswords and knitting,
along with bingo and bowls have been given the
heave-ho
Ali Crossley, Director for Prudential's Equity Release
plans, comments: "Many of the so-called baby boomers
will probably have seen their children travel the world
and enjoy many of the opportunities they weren't able
to in their youth. Therefore in retirement they will be
wanting to make up for lost time by enjoying new
experiences and making the most of the 'freedom'
they've worked so hard for. The issue for many,
however, is making sure they have the funds not only to
live comfortably in retirement, but also the additional
?5,000 or so needed to fulfil their new retirement
lifestyle.
"A solution for some of these baby boomers could be
equity release. We estimate that the current generation
of 50 to 60 year olds have ?570 billion equity in their
homes and releasing some of this could provide them
with that vital boost to their retirement income that
they need to fulfil their dreams."
For further information on the Prudential Home Equity
Release Plan, visit www.pru.co.uk
Research was conducted by CIAR Consumer Omnibus
amongst 576 non-retired adults and 268 adults aged 45+
retired or planning to retire in 2004.
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