According to a new report, approximately two thirds of people in the UK nearing retirement age are now worried about the effect that the cost-of-living crisis will have on the measures they had in place for when they stopped working.
The March survey contained data collected from 1,000 UK respondents aged between 50 to 64, and it discovered that around 21 per cent admitted to feeling anxious and stressed about their personal finances. The study also found that a further 66 percent were not sure or did not know how much money they might require to enjoy a comfortable lifestyle in retirement.
The study also encountered that almost 50 per cent of people nearing retirement were considering delaying when they ceased working by at least one or two years.
However, despite this fear and uncertainty, the research also uncovered that only a minority of those surveyed had consulted a financial professional for advice on the best way to plan for their retirement. A total of 63 per cent of respondents confirmed that, since the cost-of-living crisis started, they had not spoken with a financial adviser regarding their retirement plans.
Experts in retirement planning in Chester, Manchester and other major UK cities help their clients to plan both before and after they retire. As a result, wealth managers can help people put plans in place but continue to adjust measures to meet changing personal needs and major economic events like the current crisis, ensuring they have adequate provisions.
