Travel is the number one priority for retirees, says new report

"Health issues" and "hobbies and interests" come next.

A whopping 71 per cent - almost three in four - Australians consider travel to be their number one priority when it comes to spending their retirement savings, according to a new report from Equip Super fund. "Health issues" ranked second, with 56 per cent survey respondents prioritising it above all else, while "hobbies and interests" ranked third (55 per cent).

Meanwhile, new ING research shows Australians are spending up to $600 million in international transaction fees per year, which amounts to $92.62 per person. While 70 per cent said they're dreaming of a European holiday, 61 per cent said the lack of affordability continues to be a deal breaker, and highlighted the following cities as the most expensive: Paris, London, Rome, Venice and Amsterdam. Many are willing to go to extra lengths to save and travel: 34 per cent would take up a second job; 33 per cent would sell their unused items; 22 per cent would turn off their heating to save on energy bills; and 15 per cent are willing to cancel their gym memberships.