Half of over 50s haven’t planned for retirement

New research from specialist lender Hodge Bank has revealed that more than half of Brits in their 50s haven’t started actively retirement planning.

According to the research, which interviewed over 700 people, the majority of those in their 50s are still working (81%) and planning on leading an active lifestyle into their 60s, meaning that retirement planning is not a top priority. In fact, the majority of respondents (70%) say they didn’t start planning retirement until they were in their mid-60s.

One in four of those aged over 50 who were still working said they didn’t expect to ever retire and, even when they do, a third (35%) aren’t confident that their income will allow them to maintain their lifestyle into retirement.

The research also reveals that those who haven’t been proactive in planning for their retirement so far don’t consider themselves in ‘later life.’

Whatever your perception of your stage of life, Hodge is warning that not properly planning for your retirement can lead to a situation where rapid financial solutions maybe needed – which may not necessarily be the best ones.

Emma Graham, Business Development Director at Hodge, said “Our research has shown that just over half (52%) of those in the later life category, so those that are 50+, don’t feel the need to think about retirement because the majority are still working and slowing down or stopping work seems a long way away. But let’s be honest here, it’s never too early to start planning for the future.”

“However, many are forced to make last minute decisions about their retirement, and this could have been avoided if they had started actively planning much earlier. We know that many people over 50 are still enjoying an active life and don’t consider Later Life products as relevant to them, but planning as early as possible means you can be more confident of a retirement that meets your expectations.”

“Later life doesn’t mean retirement to us at Hodge. We realise that the majority of our customers who are aged 50 and over are still working and enjoying an energetic and active lifestyle. But our message is to these people, don’t ignore the later life products available to you.”

“We have designed our products with the over-50s in mind, whether you are still very active or looking for a slower pace of life. Don’t leave your retirement planning too late to enjoy it, and don’t ignore ‘later life’ products – use them to your advantage. They exist to help create a great retirement.”