Just 20 per cent of over 50s have consulted an independent financial adviser (IFA) for retirement planning advice, despite increasing pension income concerns, LV= has revealed.
The research found that the number of over 50s seeking retirement planning advice increases to 27 per cent of those within five years of the statutory retirement age.
However, a confident 61 per cent of those abstaining from pension advice say they trust their own judgement when it comes to their financial situation. Commenting, Mike Rogers, LV= chief executive said:
"With a large majority of older workers more concerned than ever about when they will be able to retire and how much money they'll have, it is vital they review their options.
"There are many more investment and income generating options than there used to be for people approaching retirement, but too few are taking advice. As a result millions may miss the opportunity to secure a comfortable retirement," he adds.
In fact, where over 50s have sought advice, the most popular retirement planning advice topics have been ISAs and low risk investments, suggesting that Brits are seeking alternatives to the traditional pension plan.
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