95% of over 55s not prepared for retirement

Are you looking forward to retirement? Is this a vague notion of waiting for the day when you can stop doing all those things in life you only do because you absolutely have to? Or have you genuinely considered what you life is going to be like when you stop work?

If you have made some sensible plans then you're definitely in the minority, because 95% of people are set for something of a shock.

The latest Retirement Nation Report from MGM Advantage found that just 5% of non-retired British adults aged 55 and over feel 'fully prepared' for retirement.

This is a dramatic drop from before the recession when, in 2008, 39% felt fully prepared for the financial implications.

Just seven million people (15%) have sought financial advice from a professional, while 8% have consulted their bank. 6% or 2.7 million non-retired people have sought retirement advice from their friends.

The report reveals that not only are people unprepared for retirement, but that many are expecting to work for longer to make ends meet. Over a third (35%) of people aged 65 and over still working expect to keep working until they are at least 71 years old, and 9% of this age group plan to be working past their 80th birthday.

Craig Fazzini-Jones, Director at MGM Advantage comments: "It is hugely worrying that so many people nearing retirement are unprepared for the financial implications of this stage of their lives."

Echoing the fact that so few people are properly prepared financially for retirement, only around a third of adults (31%), or equivalent to 14.5 million people, have built up a savings pot. This increases to 39% for those between 55 and 64 and 42% for those aged 65 and over.

So are you ready? Or will you be working until your 80s? Let us know in the comments.
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