TIME TO TRAVEL

Age is no barrier when it comes to embarking on new adventures and exploring the wonders of the world

One of the major advantages of retirement is the flexibility to go where you like, when you like. With more time on our hands, planning extended trips allows us to delve deeper into other cultures and venture to far-flung destinations. From immersing ourselves in the history of ancient cities to embarking on a leisurely cruise along picturesque coastlines, the options are limitless.

Travel companies and tour operators are recognising the growing demand for senior-friendly holidays and tailoring their programmes accordingly. There’s now a wide offer of tours and packages catering to the unique needs and preferences of older travellers. Of course, there are factors to consider, but with a bit of planning there is nothing stopping you embarking on incredible journeys that offer enrichment and relaxation.

Health and safety should be a top

Savings at risk

priority, so consulting with your doctor and obtaining any necessary vaccinations or medications is crucial. Choosing destinations that offer decent healthcare facilities and easy accessibility can provide additional peace of mind too.

Proper protection

Another aspect to consider is travel insurance. Senior travellers may face higher premiums due to increased health risks, so research and compare options to find the best cover for your situation. Financial protection in case of cancellations or lost luggage will offer reassurance during your holiday too.

Connecting with like-minded individuals through senior travel clubs or group tours can enhance the travel experience, fostering new friendships and creating lasting memories together.

Lastly, while travel can be physically demanding, there are plenty of ways to safeguard your comfort. Choosing airlines that offer extra legroom or opting for direct flights can reduce fatigue, while packing comfy shoes and having your documents well-organised also helps.

The cost-of-living crisis is taking its toll on the financial stability of many over-50s, forcing them to dip into their hard-earned savings, according to a new survey

Over a quarter of over-50s, a huge 28 percent, are tapping into savings to make ends meet, says Handelsbanken Wealth & Asset Management. The study into how the older population is tackling today’s economic challenges was conducted by Opinium on the firm’s behalf. One in 10 respondents reported investing less than before, with men being twice as likely as women to do so (14 percent vs seven percent). More than a quarter (28 percent) have chosen to cut back on holidays.

Strains and delays

It's not just significant financial decisions that are being affected, everyday spending habits are also shifting. The survey found over half of over-50s (59 percent) are spending less on non-essential items, with the 50-60-year age range feeling the pinch most keenly (64 percent). Women appear to be cutting back more than men, with almost twothirds (63 percent) reducing their non-essential spending, compared to 54 percent of men.

The strain is taking its toll on retirement plans as well. Nearly 10 percent of those in their 60s are now considering delaying retirement indefinitely. Christine Ross, head of private office (north) and client director at Handelsbanken Wealth & Asset Management said: “The squeezed middle-aged are continuing to feel the strain of coping with the costof-living crisis. Many over-50s are facing steep costs for childcare, mortgages and energy, and feel they have no option but to change saving and spending habits to cope with surging prices.

“Relying on savings to make ends meet is an obvious short-term measure, but as the months pass it can have long-term consequences on quality of life and retirement expectations. The best option is to seek professional advice to ensure you’re making the right decisions and are best positioned to mitigate the impact of the volatile financial climate.”