Pre-retirees splash out
Thursday, 13 Nov 2008 00:01
Turning 50 is the time to make a life-changing decision, study finds
Many pre-retirees plan to celebrate their financial freedom with a holiday home or a sports car, according to a study.
A study from Skandia has revealed people in their 50's are emerging from the financial shackles of parenthood and home ownership ready to enjoy themselves before retirement.
More than one in four (27 per cent) over 50s intend to make a big ticket purchase, such as a holiday home or sports car, or make a life-changing decision before they reach retirement age.
One in three are planning to sell the family home in order to pursue a new life (30 per cent) and one in five intend to go back to university or study in some other form (19 per cent).
Many are reconsidering their love life at 50 with almost one in ten expecting to divorce or remarry by the time they retire (seven per cent) and four per cent are actively looking for love by joining a dating website, the research shows.
Some are looking for adventure, with seven per cent planning to go skydiving or bungee jumping, while a further one in 20 plan to get either a tattoo or a piercing before they retire (four per cent).
Michelle Cracknell, strategy director for Skandia, said: "As our research has shown, many 50 to 64 year olds are realising that the years before their retirement are an ideal time to enjoy their financial freedom.
"Now they are free, for the most part, from the financial shackles of their 40s, for many, disposable income is higher than it has ever been and the financial ties of a mortgage or young family have been surpassed."