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Retirement usually isn’t simply about stopping work and putting your feet up. Many people see it as an opportunity to pursue the ambitions they’ve always dreamt of, whether that’s travelling the world, learning a new skill, pursuing hobbies, or taking on a personal challenge.
Longer life expectancy means that many people will spend two, if not three decades, in retirement, so it’s really important to think carefully about what your ambitions are for this time, and what role your pension can play in helping you achieve them.
It’s also worth bearing in mind that if your pension savings won’t stretch to larger ambitions, you might be able to use other assets such as property wealth to potentially help fund your retirement goals.
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If you’re considering seeking professional financial advice on the options available to you, we’ve partnered with nationwide Chartered independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial adviser. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 2,600 reviews on VouchedFor, the review site for financial advisers.
Travel and financial stability top 2026 bucket lists
The majority (91%) of UK adults have already given thought to their 2026 bucket list, according to research carried out by comparison website Confused.com.
Travel is a key aspiration for many Gen X-ers approaching retirement (those aged between 45 and 60) with 46% hoping to travel abroad in future. However, their travel goals tend to focus on comfort and once-in-a-lifetime experiences rather than adventure.
More than seven in ten (71%) say they prefer visiting iconic destinations, and almost half (48%) prioritise luxury when planning a trip. Almost two-thirds (64%) of Gen Xs said achieving financial independence is very important to them.
Generation X bucket list goals and experiences | |
Travel abroad | 47% |
To be financially stable | 49% |
To go on a specific holiday abroad | 37% |
To own a home | 19% |
To travel around the world for a long period of time | 24% |
To go on a unique experience (e.g., seeing a solar eclipse, swimming with dolphins) | 23% |
To try a creative activity (e.g., write a book, speak fluently in another language, learn an instrument, etc.) | 18% |
To try an activity outside of a comfort zone (e.g., bungee jump, hot air balloon ride, skydiving, etc.) | 15% |
To have a dream career | 9% |
To start a family (e.g., have children) | 6% |
To get married | 8% |
Source: Confused.com
When it comes to the travel destinations on our bucket lists, separate analysis by Co-op Insurance found that visiting the Great Barrier Reef came out on top, with almost a third (29%) agreeing that it was a destination they’d not been to but always wanted to visit.
Niagara Falls, the Grand Canyon, Machu Picchu, and the Great Wall of China also made up the top five places that over-65s would most like to visit that they’ve not already been to.
In terms of experiences, a quarter (25%) of pensioners would like to drive the US’ famous Route 66, whilst over a fifth (22%) have always wanted to be able to go on a Safari holiday in Africa and over one in six (18%) say that swimming with dolphins is a bucket list item.
Whether you’re looking for a beach holiday, city break, solo holiday, cultural tour, group holiday or the cruise of a lifetime, you can search thousands of top travel deals with some of the best holiday providers in the UK here.
Ellis German, Head of Travel at Co-op Insurance said: “Retirement is the perfect time to tick off those travel bucket list items, whether it’s trekking through the Peruvian Andes to Machu Picchu or driving the iconic Route 66.
“Our research shows that those at retirement age are clearly very much young at heart, with a significant number still enjoying adventure holidays and many harbouring ambitions of going on a trip involving winter sports or hazardous activities.”
While bucket-list ambitions may differ widely, they all have one thing in common, and that’s that they’ll usually require some level of financial planning. The good news is that your pension could play an important role in helping you achieve them.
How can your pension help fund your bucket list?
Bucket lists are often associated with expensive adventures, but some of the most rewarding retirement experiences cost surprisingly little.
Learning a new skill, joining a local club, volunteering, taking short breaks closer to home or simply spending more time with family can all add richness and purpose to retirement without requiring substantial withdrawals from your pension. For some people, achieving their retirement goals may be less about having a huge pension pot and more about making considered choices about how they spend their time and money.
That said, if your bucket list includes long-haul travel, luxury holidays, buying a campervan, renovating your home or pursuing other major ambitions, you’ll need to make sure your retirement income can support them.
The good news is that your pension can provide far more than just a way to cover essential living costs. Used carefully, it can help fund the experiences and opportunities you’ve spent years looking forward to.
How to get started
Rather than starting with your pension pot and asking, “How much can I spend?”, it can be useful to work backwards and ask, “What do I want my retirement to look like?” Once you’ve identified your goals, you can begin estimating their costs and building them into a wider retirement budget.
The Pensions UK Retirement Living Standards suggest that a minimum retirement lifestyle costs around £13,900 a year for a single person and £22,500 for a couple. This covers essential spending, a week’s UK holiday and some affordable leisure activities throughout the year. Find out more in our article £13,900 annual income needed to retire, say pension experts. A moderate lifestyle costs £32,700 for a single person and £45,400 for a couple, while a comfortable retirement costs £45,400 and £62,700 respectively, allowing for more frequent travel and greater spending flexibility.
If you’re entitled to the full new State Pension, currently worth £12,547.60 a year in 2026/27, this could cover a large proportion of a minimum retirement lifestyle on its own. However, more ambitious bucket-list plans are likely to require additional income from workplace pensions, private pensions, investments or other sources.
Lisa Caplan, Director of Charles Stanley Direct Advice and Guidance, said: “Alongside your own retirement provision, the UK State Pension forms an important part of most people’s retirement income. For many people, it covers their essential costs, and for a couple receiving the full amount of around £25,000 a year, the new State Pension covers the ‘minimum’ lifestyle threshold.
“The new State Pension kicks in when you reach State Pension Age – currently 66 and rising to 67 by 2028. What you receive depends on your National Insurance contributions and the number of qualifying years accumulated.”
Find out more in our guide Will I qualify for the full State Pension?
Creating a spending plan that’s specific to your bucket-list ambitions can help you understand whether your current pension savings are likely to support the lifestyle you want. It may also highlight opportunities to save more before retirement, adjust your plans, or spread larger goals over several years, making them more achievable.
Funding your bucket list with pension lump sums
Whether it’s taking the grandchildren to Disney World, buying a campervan to tour Europe, or finally renovating the kitchen you’ve been talking about for years, some bucket-list goals require a larger amount of money upfront.
From age 55 (rising to 57 from April 2028), most people can usually access their defined contribution pension savings and take up to 25% of this money tax-free, subject to certain limits and rules. This is often referred to as your tax-free lump sum or pension commencement lump sum (PCLS).
Many retirees use this tax-free cash to achieve major life goals they’ve spent years putting off. For example, it might fund a once-in-a-lifetime safari, a dream rail journey across Europe, a new kitchen, or even a move to a location that’s always featured on their retirement wish list.
However, taking a large lump sum can have long-term consequences for your retirement finances. The money withdrawn will no longer benefit from potential investment growth within your pension, and withdrawals beyond your tax-free entitlement may be subject to income tax. It’s therefore important to think carefully about whether taking a lump sum now could affect your future financial security. Find out more in our article Should I take a tax-free lump sum from my pension?
How regular withdrawals can help
Rather than taking large amounts of money out of your pension all at once, some people choose instead to make regular withdrawals from their pension to supplement their retirement income using drawdown.
This can be particularly useful if you have ongoing bucket-list ambitions, such as taking an annual holiday, learning a new skill, pursuing creative interests, or joining clubs and groups you’ve never had time for while working. The advantage of spreading withdrawals throughout retirement is that it may help you maintain a steady income while allowing the remainder of your pension pot to stay invested. However, it’s important to remember that taking money from your pension too quickly could leave you with less income later in life, as well as potentially landing you with an unexpected tax bill.
Could equity release fund your bucket list?
If you know your pension isn’t going to be big enough to help you achieve your bucket list ambitions, you may want to consider other ways to fund your goals, such as equity release.
Equity release is generally available to homeowners aged 55 and over and allows you to borrow against the value of your property while continuing to live in it. The most common type is a lifetime mortgage, where the loan and any interest are typically repaid when the property is sold after you die or move into long-term care.
For retirees who are asset-rich but cash-poor, equity release can be an appealing option. It may allow you to enjoy some of your wealth during your lifetime rather than leaving it untouched in your property. However, equity release isn’t suitable for everyone and comes with significant risks. Interest is usually added to the loan each year and can compound over time, meaning the amount owed can grow quickly. This can substantially reduce the value of your estate and the inheritance you leave behind.
Releasing equity may also affect your entitlement to certain means-tested benefits and could limit your options if you decide to move home in the future. There may be fees to arrange the product, and some plans can involve early repayment charges if you want to pay off the loan sooner than expected.
Before proceeding, it’s therefore important to consider whether there are alternative ways to fund your plans, such as using pension savings, drawing on other investments, downsizing, or adjusting your spending. Equity release should generally be viewed as a long-term financial commitment rather than a quick source of cash. Learn more in our article Is equity release right for me?
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If you’re considering releasing equity from your home, Rest Less members can book a free consultation from Fidelius. Speak with a qualified, FCA-regulated financial adviser you can trust. Rated 4.7/5 on VouchedFor from over 2,600 reviews.
A final thought…
Your pension hopefully won’t simply be a way to pay your bills in retirement. If you’ve saved enough, and plan your withdrawals carefully, it could also provide you with the means to help you achieve the ambitions that you’ve always wanted.
Whether your bucket list includes travelling the world, pursuing a lifelong passion, helping loved ones or just making more time for the things that matter most, understanding how these goals fit into your wider retirement finances can help turn your dreams into reality. For some homeowners, other sources of wealth, such as property, may also play a role.
After all, retirement planning shouldn’t be just about ensuring your money lasts as long as you do, but also about making sure you have enough to live the life you want.
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If you’re considering seeking professional financial advice on the options available to you, we’ve partnered with nationwide Chartered independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial adviser. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 2,600 reviews on VouchedFor, the review site for financial advisers.
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