Just 5 per cent of non retired British adults aged 55 and over feel ’fully prepared’ for retirement, according to the latest Retirement Nation Report from MGM Advantage.This is a dramatic drop from before the recession when, in 2008, 39 per cent felt fully prepared for the financial implications of retirement.
The retirement income specialist’s annual survey also reveals that 1.2 million British adults, 21 per cent, who are 55 and older and still working do not feel at all prepared for retirement.Almost half (46 per cent) of all adults say that they are ’not at all prepared’ for retirement.The report reveals that not only are people unprepared for retirement, but that many are expecting to work for longer to make ends meet.Over a third of people aged 65 and over still working expect to keep working until they are at least 71 years old, and 9 per cent of this age group plan to be working past their 80th birthday.
Craig Fazzini-Jones, director at MGM Advantage says:”It is hugely worrying that so many people nearing retirement are unprepared for the financial implications of this stage of their lives. Part of the problem is that relatively few people seek professional advice before they retire, but it’s crucial that people are extremely proactive in checking their finances at this time. This lack of financial planning means that more people will have to work longer to ensure that they have an adequate income in retirement.”
