One in five leaving retirement planning till aged 60

One in five people have said they would leave planning their retirement until they were aged at least 60, a survey by Hargreaves Lansdown has revealed.

Hargreaves Lansdown warned that leaving retirement planning so late could be dangerous for savers, cautioning that the later planning is left the less time there is to make up any contribution shortfalls, which may limit choices.

The client survey, which was carried out in January 2022 and consisted of 400 customers, also found that a further one in five customers would or did start retirement planning between the ages of 30 and 39.

Around one in seven (14 per cent) said that they began planning for retirement between the ages of 18 and 24.

Hargraves Lansdown also warned that changing circumstances could affect savers who were not prepared early enough, specifically referencing the early retirement of many older workers due to the pandemic.

Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrissey, commented: “Retirement can feel like a long way away and it is easy to put off planning until the last moment. However, by doing this you leave yourself at risk of not giving yourself enough time to make up any shortfall in retirement income and this can really limit your options.

“Pensions are a long-term game and it’s worth taking the time earlier in your career to think about what kind of retirement you would like and put a plan in place to help you achieve it.

“Checking in on progress on a regular basis will help you stay on track as you can make adjustments as and when needed and you can plan with confidence.

“Having a retirement plan already in place can take the fear factor out of the future and mean you have the choice to take on part-time work for instance, rather than relying on a full-time job.”

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