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Saving enough for retirement can be hard.

With so many competing pressures on our expenditure each month, finding spare money to set aside for our older age can often slip down the list of priorities.

New research has found that 19 % of 35-55 year-olds struggle to save for retirement due to family pressures. 

This finding is not surprising as £8,300 is spent annually supporting family members between ages 35-45.

As children leave home and become financially independent, those aged between 45-55-years-old have fewer expenses.  

When this cash is reallocated to a pension, those investing can begin to make significant strides towards achieving their retirement goals. 

An extra income of up to £9,831 a year can be made if someone aged 45 invests these savings in an investment portfolio.

In addition to family members becoming less dependent, there are other opportunities which arise as they enter new life stages which help people achieve their retirement goals:

  • Many move into a home more suited to their needs (14%).
  • 19% said the extra time means they can work a part-time job to boost their retirement fund.
  • Those aged between 55 and 64 are also the most likely to receive inheritance money.

The mid-life opportunities presented to this group to begin realising their retirement goals are substantial. It is, therefore, essential to know the cost of achieving one’s retirement goals. 

Unfortunately, it was found that 40% of those surveyed say that they do not know where to start when it comes to saving enough to reach their retirement goals.

Of those that did know, it was estimated that they would need to save an average of £27,213 to reach these goals. 

For a 45-year-old looking to retire at 66, this is the equivalent to investing £82.58 extra monthly, whereas a 35-year-old could stand to benefit even more by investing just £48.83 extra a month.

Despite this mid-life opportunity, nearly a third say they are not saving for retirement at all. 

During retirement, many Brits would like to travel the world (34%), while 29% will be looking after family or volunteering in the community (17%). 

As well as being the most popular, travelling was also found to be one of the most expensive retirement goals, estimated to cost retirees £22,047 on average.

Andy Mossack, Editor of, gives an expert view on how to make the nation’s most desired retirement goal a reality. His advice for those set on travelling the world in retirement is:

1. Choose a method of travel that suits you:

Did you know that an unlimited 1st class interrail travel package across 31 countries stretching from Portugal’s Atlantic coast to Turkey’s Asian border within one month currently costs just £759?

All-inclusive cruise offers can be excellent value for money in the long-run. This should include all meals, drinks, excursions and tips as these expenses can cause a cruise to be pricey.

2. Be savvy and travel off-peak:

Over the last few years the UK has suffered with exchange rates in Europe and the US, but there are many destinations where sterling remains strong for example, South Africa, Vietnam, Argentina and parts of eastern Europe such as Romania and Bulgaria.

An added benefit of retirement is that you’re not forced to take holidays during off-peak seasons. Peak seasons are the busiest and most expensive. 

The Caribbean, which is usually seen as a winter sun destination, can be visited during their rainy season in summer that means a short, strong shower in the afternoon, while the temperatures are still perfect. Being travel-wise will save you considerably.

3. Take the path least travelled:

Regions in a country can differ significantly in price. An example of this is the South of France, where the French Riviera is a beautiful destination. 

However, it is often crowded and pricey. Further west in the Languedoc region you’ll find the same coastline with much better beaches for much lower prices and far fewer people.

The same situation for Italy and Amalfi, which is another stunning location but very crowded in summer. Head instead to the Cilento coast which is about a 30-minute drive further, and you’ll see prices fall dramatically as well as the number of tourists. A much better experience all round.

4. The time is now to invest in your retirement travel goals:

Travelling the world can be a hugely rewarding experience, and if you make the right financial decisions now, this dream could come true.

The mid-life opportunity, a window of time created by easing family pressures and cash windfalls, can help savers reach their retirement goals if handled with care. So, have the confidence to plan for your retirement and be reassured your goals are attainable.

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