According to the Prudential, three quarters of retired people that they surveyed did not take financial advice before they retired. The insurer is urging employers to take more responsibility for their employees retirement and help them plan ahead.
Prudential said that many of the respondents to their survey wanted to retire abroad but did not think they would have the means to make their dreams a reality.
Our Views
Considering what a huge step retirement is to take, the amount of people that did not take advice is shocking. As we are all living longer, retirement is becoming more and more important with every penny counting. This is where taking financial advice could help everyone.
In its simplest form, taking advice to ensure you receive the maximum pension available is vital. By obtaining comparisons from other companies you could increase your pension income by upto 50%.
Employers get landed with many obligations for their employees. Whilst we believe that employers should carry some responsibility for assisting employees when planning for retirement, the first step and follow up must be the responsibility of the employee.
More and more people are failing to plan for their future properly and this could leave them short in retirement. Remember, the earlier you start planning for your future, the less painful it will be in monetary terms.