4 out of 5 individuals aged 55 or over are charting their very own path to retirement and turning their backs on steering and recommendation, in line with new analysis.
Regardless of the DIY method, nonetheless, practically one in three who’ve retired say they don’t seem to be experiencing the retirement they dreamed of, the analysis discovered.
Points resembling well being challenges, rising dwelling prices and sudden payments are impacting the retirement expertise for the over 55s, in line with Canada Life.
The agency requested the over-55s how they have been discovering the general retirement expertise, given the continuing financial pressures of rising dwelling prices.
The analysis discovered that 79% of over 55s who’ve retired, did so with out the assistance of monetary steering or recommendation, preferring to go for a DIY method to managing their funds.
However 29% of the identical group admitted they weren’t experiencing the retirement they dreamed of. Extra positively, 39% are.
One in 10 retirees – 11% – didn’t anticipate simply how a lot cash they would wish in retirement and have been discovering life after work tougher than they anticipated and wished that they had deliberate correctly.
Greater than a 3rd – 36% – stated that they had skilled sudden well being challenges, nonetheless 27% stated that though they weren’t dwelling the retirement that they had deliberate, they have been nonetheless proud of life post-work.
Tom Evans, managing director, retirement, at Canada Life, stated: “It’s clear from this perception that folks’s experiences of retirement differ fairly extensively.
“Whereas an absence of retirement funds, and the impression of rising prices are clearly points going through the present era of retirees, sudden well being points trump each of these, and the desires of many have been shattered.”
He identified the significance of participating the companies of a professional monetary adviser early on.
• Analysis was performed by Opinium amongst 663 over 55s who stated they have been retired, with fieldwork performed between 19 – 22 March.
