Would you spend your pension on a holiday?

Did you know that as of now, if you are over 55 you can cash in all or part of your pension contribution? The new regulations will give more freedom for pension owners to take out lump sums as they see fit. A recent survey conducted by ABTA suggested that 35% of 55-75 year olds are considering using this opportunity to book a holiday. A third of respondents said they would spend between £2,000 and £5,000 on a holiday, whereas 15% claimed they would take out between £5,000 and £10,000.

When asked where they would travel to, the most popular holiday destination from the survey was Europe with 40% of the vote, and coming in second was North America, which had 22% off the vote. It was indicated that people taking out their pensions would spend more than the average on a holiday, and a few even suggested they would invest in a holiday of a lifetime.

If you are now in a position to access your pension and are interested in booking in a special holiday, then I’ve put together some ideas for trips for you.

menorca

Menorca with all the family
Menorca is an excellent family destination that offers wonderful views, stunning beaches, along with plenty of activities and a range of hotels. It is relatively unspoiled by tourism, allowing you an authentic Spanish experience. Beaches are spectacular here and a visit to the famous Cala Macarella is a must. Cala Macarella is a horseshoe bay which is surrounded by white sand and beautiful blues. Son Bou is probably the most popular resort for families, it has plenty of shops and restaurants to keep you entertained as well as being home to the longest beach on the island. If you’re travelling with little ones then you’ll find a great choice of family friendly hotels, with lots to keep them entertained.  If you wanted to treat everyone to some quality time together, you’ll find a trip to Menorca is very reasonable with great flight and hotel prices, meaning you can afford to take the whole family.

Mykonos

Luxury in Santorini or Mykonos
If you’ve got a little extra to spend and you want to be pampered and romanced, then either of these islands is a perfect choice! Both Greek islands have an array of beautiful boutique hotels which offer luxurious facilities and incredible views. Santorini is renowned for its stunning coastline and breathtaking sunsets making it a perfect choice for a couple. Mykonos is very similar to Santorini in the sense that you’ll find wonderful scenery, but it also has many upmarket restaurants and cocktail bars, which have proved popular with the rich and famous. A trip to either of these islands is bound to make a memorable experience and is perfect if you’re looking for a slightly more luxurious trip to Europe.

Lake Garda

Take a tour of Italy
If you wanted to go away for a little longer, perhaps a trip exploring Italy could be for you? Italy is a beautiful country with such a variety of destinations to explore within it ranging from lakes, to mountains, to stunning coastal cities. So perhaps a longer trip could be a great choice if you have 2 or more weeks to spare. With an excellent high speed train service and internal flights, it’s easier than you think. A few highlights worth exploring are of course Rome, Florence, Pisa, Venice, Lake Como, Lake Garda, the Amalfi Coast and Milan. I’m not suggesting that you visit them all (of course if time is not an issue then why not?), but perhaps pick a few destinations that you want to see. Italy is one of the most beautiful countries in the world, coupled with excellent wine and food it’s an ideal destination for a unforgettable trip.

new york sky

New York and California calling

Perhaps a break to the Big Apple could be for you? New York is a city like no other and well worth a visit at least once in your lifetime. It’s no secret that New York is expensive and you’ll find eating and drinking out will set you back more than at home. If you’re wondering what to do in New York, I’d recommend a read of this review. California on the other hand is all about sunshine, the beautiful coast and fantastic nature. Top destinations to visit within California include the increasingly trendy San Francisco, the stunning Yosemite National Park and LA. Many people like to travel across the state via a hired car (which you can book on the Travel Republic site of course), making it the ultimate road trip. Of course any of these destinations are enough on their own, so it really depends on your time and budget.

Cuba Beach

Chilling in Cuba
If you want to go on a holiday of a lifetime then Cuba is set to become a huge destination this year. Many tourists are flocking to Cuba before the American travel ban becomes lifted, in order to see the country before mass tourism hits. Cuba has lots to offer and boasts beautiful white sandy beaches and unique cities. If you want beach paradise then the resort of Varadero is perfect, with plenty of affordable all inclusive hotels to choose from. If you want the authentic Cuban experience, then it has to be Havana with its’ winding streets of colourful buildings and traditional cars. Steeped in history, this capital city is unique and alluring. If you think Cuba could be on the cards then you’ll find there are plenty of flights and hotels to choose from to suit your budget. The best time to visit the country is April-May and Nov-Feb as this is outside of the rainy season.

Hopefully this blog has helped to inspire you if you are thinking of using your pension to book a trip. Of course there are many fantastic destinations to choose from and depending on your budget and needs I’m sure you’ll find something to suit you.

Would you consider cashing in your pension for a holiday?