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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 accordance with new analysis.
Regardless of the DIY method, nonetheless, almost one in three who’ve retired say they don’t seem to be experiencing the retirement they dreamed of, the analysis discovered.
Points equivalent to well being challenges, rising dwelling prices and surprising payments are impacting the retirement expertise for the over 55s, in accordance with Canada Life.
The agency requested the over-55s how they had 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 economic 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 had been discovering life after work harder than they anticipated and wished that they had deliberate correctly.
Greater than a 3rd – 36% – stated that they had skilled surprising well being challenges, nonetheless 27% stated that though they weren’t dwelling the retirement that they had deliberate, they had 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 affect of rising prices are clearly points dealing with the present technology of retirees, surprising well being points trump each of these, and the goals of many have been shattered.”
He identified the significance of participating the providers of a professional monetary adviser early on.
• Analysis was carried out by Opinium amongst 663 over 55s who stated they had been retired, with fieldwork carried out between 19 – 22 March.
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