For many, retirement is the perfect time to dive into travelling and explore the world. Legal & General Retail Retirement(1) set out to uncover how retirement travel plans are evolving for UK adults aged 55 and over.
Where retirees want to visit
When surveyed about the types of trips retirees plan to take, short staycations were the most popular, with 49% of 75-year-olds and over having already been on such a UK weekend break since reaching retirement age.
The findings also revealed 34% of people dream of long weekend city breaks in Europe, while 32% of 55-64-year-olds would like to go on a world tour during retirement. Even among those aged 75+, 3% have already embarked on a world tour and 15% still hope to do so, showing that retirement dreams persist regardless of age.
Spain is the most popular destination for all ages, with 46% of those surveyed choosing to visit the country. Italy is the second most popular destination, with 41% favouring it for their retirement travels.
Spain was also the most popular choice across the UK, except for Wales, where 53% of respondents favoured Italy.
Retirees are getting their USA travel in earlier, with 33% of 55–64-year-olds having the USA as their top pick. However, this number drops to 24% for those over 75, likely due to the demands of long-haul flights.
How to prepare for retirement travel
The overall cost was the biggest factor for 61% of UK adults when choosing a travel destination. Financial preparation is crucial to achieve retirement travel dreams, with 62% of 55 year-olds and over setting money aside to fund their plans. Despite this, 21% of respondents admitted they had not made any financial preparations, either for past trips or future plans.
The survey highlights that a significant portion of retirees recognise the importance of budgeting to fully enjoy their travels. For instance, the Pensions and Lifetime Savings Association’s (PLSA) Retirement Living Standards suggests that couples need a combined £43,100 annually for a moderate retirement lifestyle, which includes budget for both a 14-night holiday abroad and a UK-based long weekend.
Men were generally more diligent about considering their travel finances, with a higher percentage (62%) carefully planning than women, of whom 56% carefully considered their finances in retirement.
More than a quarter (28%) of respondents claim they’re “easy-going” travellers, while 25% stated they were planners. More men (30%) consider themselves “easy-going” than women (26%), when it comes to planning their retirement travels. Whereas women (18%) are more likely than men (13%) to say they are great at finding travel deals and staying within their budget.
Wales had 31% of residents identifying as planners, the highest of all UK regions. In contrast, Northern Ireland had the highest number of budgeters, with 27% of recipients identifying as budget savvy.
What UK adults want out of retirement travel
Rest and recovery are top priorities for many, but with notable gender differences. Specifically, 58% of women planning on travelling during retirement prioritise relaxation during holidays compared to 47% of men. Moreover, 39% of women focus on their mental wellbeing compared to only 29% of men.
The survey also uncovered location-based differences, with 60% of Birmingham residents prioritising relaxation, compared to a lower 54% in London.
Lorna Shah, Managing Director, Legal & General Retail Retirement and CEO of Legal & General Home Finance:
“Planning for retirement is crucial not only for maintaining financial stability but also for enabling a fulfilling and enjoyable post-work life.
“As people phase into retirement, having a well-thought-out financial plan can make a significant difference. It provides the freedom to pursue long-held dreams, such as travelling to new destinations or engaging in much loved hobbies.
