Around 13 per cent of UK adults who are not currently retired are never planning to give up work, according to new research from Canada Life.
The research found that more than a third or 34 per cent of people’s retirement plans have changed which may be partially due to the cost-of-living crisis. This comprises 2.2 million people or one in four people over the age of 55.
Furthermore, one in five people over the age of 55 still don’t have any plans at all, while another 45 per cent say their plans aren’t specific.
One in ten Britons or 10 per cent, who essentially leave their latter years to chance, have never considered making plans for this life milestone and don’t plan to either. Additionally, more than a third or 35 per cent of retirees wish they had made a more complete preparation for their retirement.
The average age of people who have begun to consider retiring is 37 with men beginning to consider retirement on average a few years earlier than women do (35 vs. 39).
The majority, 71 per cent, of those who have begun to consider retiring haven’t discussed their plans with a financial advisor, and only 49 per cent of them would consider doing so.
Canada Life managing director of retirement Tom Evans says: “The old adage ‘fail to prepare and prepare to fail’ absolutely applies when it comes to planning for retirement. Worryingly, our research shows that many people are adopting a ‘bury your head in the sand’ mentality.
“Retirement may feel like a lifetime away, but the sooner you plan, the more empowered you will feel when it comes to your financial future. No matter what age you are, a financial adviser can be invaluable in helping you to plan for and achieve your ideal retirement.”
