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Britons’ dreams put on the back-burner until retirement

When it comes to their dream home, one in three (33%) Brits have had what they consider their ideal home. The nation reveals their realistic dream home is a house with a large garden in the countryside, with more than three bedrooms, and equipped with the latest mod-cons. Of those who have not yet achieved their ideal home 41% hopes to do so in the future.

Unsurprisingly, affordability is the main reason most people are not yet in their ideal homes, but 14% are hopeful that as they reach retirement, their dream home will become a reality. Those already in retirement (aged 60+ years) have shown that dreams can come true, as one in two (50%) have achieved their aspirations when it comes to their home. However, to achieve their aspirations later in life younger generations (those aged 18 to 29 years) need to look hard at their current retirement planning as only one in three (30%) are saving anything towards retirement and the picture for those aged 30-49 years does not look much better, as under half are (47%) are currently saving anything.

In addition, LV=’s third annual State of Retirement Report (issued July 2010) found that one in five of those approaching retirement (21%) have decreased their retirement savings by an average of £324 a month, or £3,800 a year.

Ray Chinn, head of pensions at LV=, said: "From a young age, we have aspirations for our future lives. Whether it’s a wonderful home in the country, sunning yourself on a beach or realising your childhood career aspirations.

"For most of us, it can take many years of hard work and a disciplined approach to saving to get anywhere near achieving these dreams. For many people, our golden years in retirement is when we see ourselves relaxing in a perfect home, and jetting off on dream holidays, but unless we start saving for retirement early, and put enough aside, these dreams will not become a reality."

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