Many people in their later working life are shying away from preparing for retirement
Just eight in 100 people in their 50s and early 60s have had a call with a free pensions advice service or spoken to a financial adviser, according to a new report.
The report, carried out by Invesco, Nest Insight and Maslansky + Partners, also found that fewer than one in five people have used an online calculator to work out what income they can get in retirement.
It identified a range of barriers and complexities that can get in the way of 50-60-year-olds preparing for retirement, including affordability of putting more into their pension pot and/or retiring, being overwhelmed by the options and things to consider, not knowing what steps to take towards planning for retirement, and feeling it’s too late to make a difference to their retirement outcome.
Nest Insight director of analysis Matthew Blakstad said: “Many people in their later working life are shying away from preparing for retirement, and this isn’t surprising. Lots of savers will have built up their pension pots not by taking any action, but by following the default settings of auto enrolment pension schemes.
“However, when approaching retirement, people are faced with the need to pick their own retirement products from a complex and evolving marketplace. Very few feel equipped to make such an important decision.”
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