Golden gap years are on the rise. Up to half of Britons aged 50 and over are planning one, according to research commissioned and released this year by the airline Emirates. The term “golden gap year” sums up an extended once-in-a-lifetime-style holiday, typically taken in retirement, but also people in their 50s or early 60s.
Despite rising household costs, from fuel to food, over-50s are investing in their holidays. They spend an average of £6,000 a year on travel, and four in 10 are prepared to spend more over the next five years, a study for Saga Holidays and Saga Cruises found.
Among them is Linda Aitchison, who is 58 and from Wolverhampton. A widow with two grown-up daughters, Aitchison started travelling more regularly 14 years ago after her husband died. She says: “I’ve suffered a number of further bereavements since then, which has changed my perspective on life and has led me to grab the moment to travel more.” Now, she typically travels six or seven times a year, spending about £5,000.
A change to inheritance tax rules from April 2027 that will include unused pension funds and pension death benefits means may also incentivise more people to spend their savings rather than leaving it to be taxed for their beneficiaries. And for those who are planning to spend more on their holidays, Europe offers plentiful opportunities…
