A substantial proportion of individuals are transitioning into retirement without a comprehensive assessment of their financial readiness, according to research by retirement specialist Just Group.
The study disclosed that 35% of over-55 retirees embarked on their retirement without evaluating their financial preparedness.
Additionally, 14% found themselves compelled to retire earlier than anticipated, leaving them with insufficient time to strategise financially.
Stephen Lowe, group communications director at Just Group, highlighted the risks of this lack of preparation: “Many people are at risk of being caught in a retirement blind spot where they’re vulnerable to events unexpectedly knocking them off course.
“Things rarely go exactly as expected but having a plan will make it easier to understand your options and handle life’s surprises.”
The research also found that among those who sought advice, only a minor percentage consulted professional financial channels.
A mere 8% engaged with an independent financial adviser independently, while 3% did so through their employers.
Only 6% utilised the Government’s Pension Wise service for guidance.
