Those starting their retirement in the next few months can expect to throw themselves into large home improvement projects, from installing a new kitchen to making boiler repairs for their Manchester home.
Recent research from Saga Home Insurance found those over the age of 50 typically complete three home renovation tasks when they enter retirement.
For more than half of those surveyed (55 per cent), this is simply redecorating their home, while 38 per cent fit a new bathroom, and 36 per cent install their dream kitchen.
Roger Ramsden, chief executive of Saga Services, said: “Throughout our lives we spend time and effort to make our house a home, however it can be hard to manage and oversee big home improvement projects when you’re working full time.”
This is why so many wait till they finish their jobs before they launch themselves into a large-scale project, with pensioners spending £17,000 on average to improve their homes. One in eight even say they have shelled out more than £25,000 to bring their property up to date.
Saga’s research follows from its previous findings, which found 45 per cent of those over 50 say their home needs repairs. Fixing gutters was the most common repair needed (13 per cent), followed by roof repairs (11 per cent), mending heating (nine per cent) and electrical work (seven per cent).
The Saga Equity Release Advice Service also reported six per cent of those over the age of 50 think they need help from a plumber.