According to a new report from retirement firm Just Group, around 4 in 10 people retire with no financial planning or financial advice.
1 in 10 (10%) are men and 1 in 5 (17%) women say that they had no time to plan for retirement.
The research also revealed around half of the retired household’s biggest income is their State Pension, although a similar number of people forgot to check their forecast before retirement.
You can check your state pension forecast by setting up or sigining in to your Personal Tax Account.
14% of the those that did check their forecast said it was less than they had expected and around half of them said it was £500 a year less than they had anticipated.
24% (around a quarter) of those that said their State Pension was not what they were expecting.
85% said their State Pension forecast was what they were led to believe.
We have said it before and we say it again, if you do not service your car, check the water, oil and tyre pressure it will run less efficiently and eventually break down. The same can be said for retirement. This is why we offer a Pre-Retirement Review Service.