According to a recent study, over 51 percent of UK citizens who are of state pension age have conducted no assessments of their financial situation or sought out professional assistance.
The research found that a vast majority of retirees have stopped working without consulting a specialist source, such as a financial advisor, or taken advantage of the dedicated guidance on pensions offered by the government online.
The study was carried out among a total of 1,043 semi-retired and retired adults in the UK aged 55 years old and over. The research unearthed that 30 percent of the people surveyed did not undertake any type of financial assessment, choosing to simply retire without taking advice or examining their available funds.
However, the study found that this figure increased to 51 percent for those who had opted for retirement when they were of eligible age to receive their State Pension. Additionally, around 13 percent of respondents explained that, as they had been forced to retire, it had given them no time to make any retirement plans.
UK consumers seeking retirement planning specialists in Shropshire, Chester and other parts of the country can look to wealth management firms for comprehensive support. Expert wealth managers work with clients at different stages in their life to ensure they have the funds needed to fulfil financial goals and enjoy their retirement.
Effective planning, even after retirement, is beneficial to ensure emergency needs can be afforded and Inheritance Tax bills are effectively reduced.