New research suggests that one in 10 of the UK’s retirees are spending less than an hour to determine their financial future for potentially the next 25 years or longer.
The research, carried out by Legal & General and unbiased.co.uk, reported that:
- Over one in five, (22%) spend a year or more researching their travel plans and other big dreams for their life in retirement.
- Over one in ten, (12%) of the nation’s retirees admitted that they spent less than an hour arranging their retirement income for potentially the next 25 years or longer.
- One in seven, (14%) of retirees wish they had spent more time on planning their retirement income.
- 71% of retirees had big retirement dreams – with nearly half saying that holidays topped their list, (49%), followed by nearly a fifth wanting to take up new hobbies, (18%) and a similar number looking to do house renovations, (17%).
Yet when it comes to their plans for their life after work, the nation’s retirees do take their time to plan and research. When asked to choose from a list of retirement dreams, nearly three quarters, (71%) said they planned at least one of these for their life after work, with nearly a quarter, (22%) of this group admitting they have spent a year or more planning their big retirement dreams.
When asked if they had any regrets about how much time they took planning their retirement income, 14% said they felt they hadn’t spent enough time arranging their retirement income and were concerned.
Nearly one in seven, (15%) said they arranged their retirement income with their employer and trusted they had spent enough time looking at the options. One in ten, however said they used a financial adviser and were confident in the income they receive.
Overall, only 38% of over 55 retirees said they were happy with their retirement income, while nearly a third, (30%) said they were dissatisfied with the amount.