The average person hitting retirement splashes about £30,000 on non-essential luxuries in the first five years after giving up work, according to research.
Insurer LV found retirees aged 65 to 70 spend a third more in their first five 'golden years' and rack up an average of 20 nights away on holiday while they settle into retirement.
The research also found a quarter of retirees had taken out a credit card - increasing to about a third of those aged 70+.
The survey said the 'reality of living on a pension' is taking many new retirees by surprise, with many under-budgeting and overspending by an average of £6,500. Older retirees were particularly taking out new credit or upping existing limits.
So have you big plans to spend retirement on exotic holidays, or to buy that new Mercedes that you always wanted?