Some 79 per cent of over 55s retired without financial guidance or advice, instead opting for a DIY approach to managing their finances.
Research by Canada Life found that 39 per cent of the same group are experiencing the retirement they dreamed of thanks to that approach, while 29 per cent are not.
It also found 11 per cent of retirees did not anticipate just how much money they would need in retirement and are finding life after work more difficult than they expected.
Although 36 per cent said they had experienced unexpected health challenges, 27 per cent said they were still happy even if they were not living the retirement they had planned.
The research also revealed money was a big driver of overall retirement satisfaction for the over 55s with 21 per cent saying they had not factored rising costs into their plans.
Unexpected costs also caught retirees out as 13 per cent received bills they did not expect.
A relative lack of savings was also mentioned by 12 per cent of respondents who said they didn’t have enough money to live the retirement they planned, while a similar number of over 55s (11 per cent) did not anticipate just how much money was needed to fund retirement.
Tom Evans, managing director of retirement at Canada Life, said: “It’s clear from this insight that people’s experiences of retirement vary quite widely. While a lack of retirement funds, and the impact of rising costs are clearly issues facing the current generation of retirees, unexpected health issues trump both of those, and the dreams of many have been shattered.
“Planning your retirement and ensuring it is flexible enough to navigate the many challenges you will face is vital to feel in control to enjoy your later years. Engaging the services of a qualified financial adviser early on is a fundamental part of that process.
"An adviser will not only be able to help with product choice, investment selection and tax, but will help you navigate any unexpected bumps in the road along the way.”
alina.khan@ft.com
