In a SunLife poll of 3,000 people aged over 50, property was the number one desired purchase on their ‘bucket list’, while purchasing a holiday home took the fifth spot. 

Other top purchase goals were cars, boats and jewellery, while many cited holiday destinations such as Australia and America as being among their goals.

In the category of what these individuals wanted to achieve, financial security came second, below happiness.

Simon Stanney sunlife

SunLife: Many over-55s misinformed on equity release

Over-50s also said their goals were to help their children and grandchildren.

Ian Atkinson, marketing director at SunLife, said: “For many, 50 is a real milestone age; people tend to look back and take stock of everything they’ve done or achieved so far and then look forward to all the things they still want to do, and apparently for most people, that is go on a dream holiday!

“Sadly, for most, that isn’t possible at the moment, so it might be that over-50s need to look at some of their other bucket list goals for now.”

He added: “Quite a few of the top bucket list goals are fairly expensive – dream holidays, new homes, cars etc.

“Our blog ‘how to make money in retirement’ could help those looking to raise some extra cash to achieve them.

“For homeowners over 55, equity release could offer a solution.

“The cash released is tax free and can be used for anything – some of the top reasons why people do equity release are to fund dream holidays and big purchases like new cars.”