Are we in for a cosmic retirement?

22-08-2008

Are we in for a cosmic retirement?

•   One in fifty men would like to jet off into space when they retire
•   One in thirty women want to celebrate retirement with a spot of cosmetic surgery
•   42% of the British public dream of taking more holidays
•   24% of the British public want to spend their retirement travelling the world

When it comes to what we want from retirement, British people are refusing to let the credit crunch and financial uncertainty dampen their hopes and dreams.

A recent survey of more than 3,000 people of all ages, independently surveyed for MGM Advantage, the retirement income specialist, has shown that countless Britons are reaching for the stars when it comes to thinking about retirement.

For some men, it seems the world is not enough and after a lifetime of toil and work, one in 50 of them have set their sights on a retirement filled with space travel! It seems like Richard Branson might just be onto something….

Unsurprisingly, the most popular retirement dreams for British people involve taking more holidays, with 42% of the British public making plans to travel when they reach retirement. And a further 24% of people are even more adventurous and plan to spend their new-found leisure time travelling the world.

And British women have no plans to grow old gracefully with one in 30 of them aiming to remove the physical signs of work and stress with a touch of cosmetic surgery, setting themselves up for a glamorous retirement in the sun.

Of course, our retirement dreams need to be paid for and that’s where many of us are simply not prepared. The Retirement Nation study shows taking independent financial advice could make all the difference, with retired people who have never sought independent financial advice being twice as likely to be forced to downsize and four times more likely to need to go back to work in order to make ends meet, than those who have.

So forget the giant leap for mankind, it seems the first small step towards walking on the moon is making an appointment with an Independent Financial Adviser!

-ENDS-

NOTES TO EDITORS

History: Based in Sussex, the life assurer opened its doors in 1852 as Marine and General Mutual Life Assurance Society, to fill the poorly-met insurance needs of seafarers and traders.

About MGM Advantage: mgmadvantage.com
MGM Advantage is a new name in the UK retirement income market. Formerly known as MGM Assurance, the company repositioned itself as MGM Advantage in June 2008, when it launched a wholly-owned business unit called MGM Advantage

Designs for Retirement to focus on annuity sales and the wider retirement income market. MGM has been registered longer than any other company in the UK. It is a mutual society owned by its with profit policyholders, and manages assets in excess of £1.6 billion. MGM Advantage’s commitment to customer satisfaction is backed up by a customer charter, which promises high quality service and ease of mind.

MGM Advantage distributes its products through independent financial advisers (IFAs) across the UK.

MGM Advantage Designs for Retirement, MGM Advantage and the MGM Assurance logos are Trade Marks of Marine and General Mutual Life Assurance Society.

For further information contact:

Clea Bourne Out of hours: 07980 819 543
Flagship Consulting Weekday: 020 7886 8447
clea.bourne@flagshipconsulting.co.uk

Will Brewster Switchboard: 020 7886 8440
Flagship Consulting
Will.brewster@flagshipconsulting.co.uk