"Across the board, bookings are strong particularly for cruises and long haul holidays. We believe the changes are likely to be positive but it's all moving in same direction. People are living longer, healthier and wealthier lives. It's therefore incredibly difficult to dis-aggregate this generational trend from this particular change but our estimates that an extra £1.5 billion will be released this year alone as a result of the changes and our research shows that 8 percent of those releasing money from pensions would use some of that money for a holiday," a spokesperson from Saga said.
At the same time, capacity in the cruise industry has ballooned, with two of the largest cruise ships ever built for British holidaymakers, P&O Cruises Britannia and Royal Caribbean's Anthem of the Seas, arriving in British waters.
The Britannia, named by the Queen last month carries over 3,600 passengers and set off on her maiden voyage last month, while the next-generation Royal Caribbean cruise ships launching this month will hold 4,180-passengers, with 2,090 cabins.
Along with cruises and package holidays, investment in property is also set to get a boost, with help-to-buy properties an attractive option for savers according to Brian Hilliard, chief UK economist at Societe Generale.
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"It is going to give a boost to consumption, that's clear, and it may give a boost to investment, if we are worried about a risk it's that people are going to go out on a spending spree in consumer goods," he said.
"If they are going to buy something in investment, buy-to-let, classic cars whatever it may be, that is less of a concern. It could certainly help buy-to-let, that is one obvious area," he added.
Saga also surveyed more than 10,000 savers over 50, and while some may be willing to treat themselves a little early, a huge majority wanted to hang onto to their savings
"By far the greatest response to the survey was those saying that they wanted to secure the best financial income they could for their retirement," Saga Group said
Interestingly the Lamborghini salesmen who were rubbing their hands in glee at the thought of getting their hands on this wealth might be a little disappointed as in our survey of more than 10,000 over 50s, only 54 said they planned to splash the cash!"