By David Field


When the majority of Britons picture their retirement years, it is likely that they see themselves relaxing on a Caribbean cruise or playing a leisurely eighteen holes before a long lunch with friends.

However, the reality for up to around one million of the over -55s is more likely to be stacking shelves in the local supermarket , with recent figures revealing that 4.5 million people over the age of 55 currently have inadequate plans for funding their retirement .

In addition, almost two-thirds of those within the 45-54 age bracket have yet to make any plans for their retirement, according to the pension provider Abbey.

While the lack of financial worries are undoubtedly a major factor behind the happiness reported by the current generation of baby-boomer retirees, who benefited from the economic prosperity of the past as well as the recent rise in property prices which has allowed them to make a significant profit as they sell their large family homes, it is the freedom that retirement gives them that is the biggest plus.

Researchers at the Social Issues Research Centre (SIRC) found that 52 per cent of the "Freetirement" generation felt that retirement had given them the opportunity to pursue a new passion or hobby, while 22 per cent of those questioned had continued to work, but only on their own terms and largely for social reasons and to give something back to the community.

In addition, not content with gardening or golf, today's over 55s are taking advantage of their relative prosperity, free time and good health to travel the world and pursue increasingly adventurous activities.

Three-quarters of a million over 55s have recently taken an extended holiday of six months or more- a "gap year for grown -ups"- with long-haul destinations such as Australia and New Zealand the preferred destination for one- third of these travellers.

Indeed, the two age groups to have shown the greatest growth in international travel since 1993 are those aged between 55 and 64 (140 per cent increase) and the over-65s (110 per cent increase ) and, of those planning a break soon, one in five expressed a preference for an adventure holiday in place of taking a cruise or sitting on a beach.

Commenting on the trend, Dave Folye of the Bradford and Bingley, one of many providers of tailored travel insurance for the over-50s , stated: "The main reasons are that we are enjoying better health for longer, and this generation has more money to spend in retirement.

"We have lots of calls from retired people planning holidays that include activities such as swimming with dolphins or scuba diving.

"Many travel for a few months at a time, which used to be more common among those in their twenties or thirties."

While financial reasons mean that many people will not be heading to the airport with a round -the-world ticket after they leave the office for the last time, saving adequately for retirement will give the older generation the freedom to spend increased time with their families or to take up a new hobby.

If Britons in currently in their 30s and 40s wish to live the lives that many of their parents are now enjoying, they need to start considering how to fund their future imminently.