Retirement usually gets you thinking about all the travel plans and big projects you put on the back burner during the daily grind.
The biggest worry is always whether you can actually afford to pack your bags and tick off those lifelong ambitions without running out of money later down the line. A lot of people leave their pension pots sitting untouched, assuming they’re strictly there to cover the monthly utility bills and standard supermarket runs. In reality, modern rules mean you have far more flexibility over how and when you access your cash, allowing you to use a chunk of your hard-earned savings to fund those big post-work adventures early on while you’re still active enough to enjoy them.
People know what they want from retirement.
Research by Confused.com found that 91% of UK adults have already thought about their bucket list for 2026, with travel and financial stability sitting at the top for most people approaching retirement. Among those aged 45 to 60, 46% said travelling abroad was a key goal, with a preference for iconic destinations and comfortable, once-in-a-lifetime experiences rather than rough adventures.
Financial independence came up just as often, with almost two-thirds saying it was very important to them. Other popular ambitions included going on a specific dream holiday, travelling the world for an extended period, and trying creative activities like learning an instrument or writing a book.
Certain bucket list destinations are extremely popular.
Analysis by Co-op Insurance found that the Great Barrier Reef topped the list of places over-65s most want to visit but haven’t yet, with almost a third naming it specifically. Niagara Falls, the Grand Canyon, Machu Picchu, and the Great Wall of China rounded out the top five most-wanted destinations.
Beyond destinations, a quarter of pensioners said driving Route 66 across the US was a bucket list ambition, more than a fifth wanted to go on safari in Africa, and around one in six said swimming with dolphins was on their list. These aren’t modest goals, and all of them require financial planning to actually happen.
Not every bucket list goal costs a fortune.
Many people assume that a meaningful retirement requires a substantial pension pot, but plenty of the most rewarding experiences don’t cost that much. Learning a new skill, joining a local club, volunteering, taking short breaks in the UK, or simply spending more time with family can all add real richness to retirement without needing large withdrawals from savings.
For some people, achieving their retirement goals is less about having a huge pot of money and more about making thoughtful decisions about how they spend their time. That said, if your list includes long-haul travel, a campervan, home renovations, or luxury holidays, you’ll need to plan carefully to make sure your income can cover it.
Working out what you actually need is important.
A useful starting point is to work backwards from what you want rather than starting with what you have. Once you know what your retirement should look like, you can estimate the costs and build them into a realistic budget, rather than hoping things work out.
The Pensions UK Retirement Living Standards give a helpful framework. A minimum retirement lifestyle costs around £13,900 a year for a single person, covering essentials, a week’s UK holiday, and basic leisure. A moderate lifestyle costs £32,700, while a comfortable one, with more frequent travel and greater flexibility, comes in at £45,400 for a single person. The full new State Pension is currently worth £12,547.60 a year in 2026/27, which covers a large chunk of minimum costs but leaves a gap for anything more ambitious.
Using a pension lump sum for bigger goals could be a good choice.
From age 55, rising to 57 from April 2028, most people can access their defined contribution pension savings and take up to 25% as a tax-free lump sum. This is often what funds the bigger, one-off bucket list goals, things like a once-in-a-lifetime safari, a dream rail journey, a home renovation, or buying a campervan to travel Europe.
It’s worth thinking carefully before taking a large amount out in one go, since money withdrawn no longer grows within the pension, and anything taken beyond the tax-free 25% will be subject to income tax. Taking out too much too soon can leave you short later in retirement when costs might be harder to manage.
Many people choose to spread their withdrawals over time.
Rather than taking a large lump sum, some people choose to make regular withdrawals throughout retirement using something called drawdown, essentially dipping into the pension pot gradually to top up other income. This works well for ongoing ambitions like an annual holiday, learning new skills, or joining clubs and groups you never had time for while working.
The advantage of this approach is that the rest of the pension stays invested and has the chance to keep growing while you draw from it steadily. The risk is taking too much too quickly, which can leave less income available later in life when it might be needed most.
What to do if your pension isn’t big enough
If your pension savings look unlikely to stretch to everything on your list, property wealth is worth considering for homeowners. Equity release allows people aged 55 and over to borrow against the value of their home while continuing to live in it, with the loan and accumulated interest typically repaid when the property is eventually sold.
This can be a useful option for people who are asset-rich but cash-poor, but it comes with considerable long-term implications. Interest compounds over time and can grow quickly, reducing the value of the estate left behind and potentially affecting entitlement to means-tested benefits. It’s not a decision to take lightly, and speaking to a financial adviser before going down this route is genuinely important rather than just a formality.
