Fewer than 5% over 55 are prepared for retirement

According to recent research conducted by MGM Advantage, fewer than 5% of people aged 55 and older are fully prepared for retirement. This represents a dramatic drop from 2008, when the figure was 39%.

As a result, more than a third of people (35%) aged 65 and over expect to keep working until they are at least 71 years old and 9% until they are 80 or over.

The survey also reveals that 46% of all adults surveyed are “not at all prepared” for retirement and the concern is greater among women (50%) than men (42%).

Remarkably, considering this level of concern, only 15% have sought financial advice from a professional, while 3% have turned to a friend for counsel.

Craig Fazzini-Jones, Director at MGM Advantage says, “It is hugely worrying that so many people nearing retirement are unprepared for the financial implications of this stage of their lives. Part of the problem is that relatively few people seek professional advice before they retire, but it’s crucial that people are extremely proactive in checking their finances.”

This research emphasises the importance not only of preparation but also of seeking advice from experts and, with that at least, we can help. Simply call, write or use the online enquiry service and we’ll introduce you, in various ways, including through the website and by phone, to Independent Financial Advisers (IFA).

Read the full survey here.