More than three quarters (79 per cent) of over 55s who have retired did so without the help of financial guidance or advice, preferring to opt for a 'do-it-yourself' approach to managing their finances, research from Canada Life has revealed.

The survey found that nearly one in three (29 per cent) of this same group admit they are not experiencing the retirement they dreamed of, while just over one in 10 (11 per cent) did not anticipate just how much money they would need in retirement.

In addition to this, more than a third (36 per cent) have experienced unexpected health challenges, while 11 per cent are finding life after work more difficult than they’d expected and wished they’d planned properly.

However, nearly two fifths (39 per cent) said that they are living the retirement they dreamed of, while a further 27 per cent said that although they weren’t living the retirement they’d planned, they were still very happy.

Money, or lack of, were key drivers of overall retirement satisfaction for the over 55s, as the survey found that inflation and the cost-of-living crisis are having a negative effect on retirees, with one in five (21 per cent) saying they hadn’t factored rising costs into their plans.

Preparing for unexpected costs has also caught retirees out, according to the survey, with 13 per cent receiving bills they weren’t expecting.

Canada Life managing director, retirement, Tom Evans, highlighted the findings as demonstration that people’s experiences of retirement vary "quite widely".

He stated: “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.”

---