Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
Nearly one-fifth (19 per cent) of Brits have spent sleepless nights worrying about their retirement planning, research from Standard Life has revealed, prompting calls for more accessible support.
The survey found that nervousness about preparing for retirement also has further negative consequences, with 15 per cent of savers reporting poor mental health and 13 per cent saying they have been unable to focus on other things.
Furthermore, for almost one in ten (9 per cent), retirement preparations have caused arguments with their partner or family, while 7 per cent have needed to take time off work too.
Despite the strain retirement planning is having on savers, the survey found that, among those who have suffered negative effects, the majority (62 per cent) have not sought support or advice to help them through.
This rises as retirement approaches, with 74 per cent of 55- to 64-year-olds not seeking help, and 75 per cent of those aged 65 and over also not asking for support to help them cope.
Commenting on the findings, Standard Life’s managing director for retail director, Dean Butler, stated: “Preparing for retirement can be daunting, with some big decisions to make. Working out how much money you may need to build up for when you stop earning and deciding how and when to access it is no easy task.
“Retirement is also a huge life event and choosing when to take the plunge requires thinking about your expectations for later life as whole.
"This can all weigh heavily on the mind, so it’s important to break down planning into smaller stages – such as what age you want to retire, what your retirement options are, and whether you’re on track to support the lifestyle you want later in life.
“It’s always worth getting support with retirement planning. If you’re in a position to seek financial advice, IFAs can offer you tailored advice based on your specific situation and goals.
“There are also a number of free guidance services like the government’s Pension Wise that can explain the options available, and remember to also speak to your employer and pension provider.”
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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