More than half of over 50s have not planned for retirement, according to research from Hodge.
More than half of over-50s have not planned for retirement, according to research from Hodge.
The data shows that 81% of over 50s are still working and intend to continue to do so, therefore have not planned for their retirement.
The majority of respondents, 70%, say they did not start planning retirement until they were in their mid-60s.
One in four of those aged over 50 who are still working said they did not expect to ever retire and, even when they do, 35% are not confident that their income will allow them to maintain their lifestyle into retirement.
The research also reveals that those who have not been proactive in planning for their retirement so far do not consider themselves in ‘later life.’
The research is based off of the results of 700 respondents.
Emma Graham, business development director at Hodge, said: “Our research has shown that just over half (52%) of those in the later life category, so those that are 50+, don’t feel the need to think about retirement because the majority are still working and slowing down or stopping work seems a long way away.
“But let’s be honest here, it’s never too early to start planning for the future.
“However, many are forced to make last minute decisions about their retirement, and this could have been avoided if they had started actively planning much earlier.
“We know that many people over 50 are still enjoying an active life and don’t consider later life products as relevant to them, but planning as early as possible means you can be more confident of a retirement that meets your expectations.
“Later life doesn’t mean retirement to us at Hodge. We realise that the majority of our customers who are aged 50 and over are still working and enjoying an energetic and active lifestyle.
“But our message is to these people, don’t ignore the later life products available to you.
“We have designed our products with the over-50s in mind, whether you are still very active or looking for a slower pace of life.
“Don’t leave your retirement planning too late to enjoy it, and don’t ignore ‘later life’ products – use them to your advantage. They exist to help create a great retirement.”
