Just a third of Britons feel in control of their retirement planning, according to Arbuthnot Latham, as research reveals the number of people searching for retirement planning online has soared.
Online searches for retirement planning have jumped by 348% in the last year, while searches for ‘retirement plan’ have surged 509% month-on-month.
Against this backdrop, Arbuthnot Latham carried out a survey to understand how people feel about their retirement plans. The findings showed 33% of people feel ‘in control and organised’ about their retirement, while 32% said they were seeking flexibility in their retirement path.
Just under a fifth (18%) of people described themselves as ‘cautiously optimistic’, with retirement bringing a mixed bag of emotions for this group. Meanwhile, 13% said they were open to options but were yet to delve deep into their retirement considerations. In contrast, only 4% of those surveyed said they felt adventurous and energetic about their retirement.
To help people make the most of their retirement, Arbuthnot Latham said it was important that people start planning early, taking advantage of compound interest, and review their plans regularly.
The merchant bank also highlighted the importance of diversifying investments across various asset classes such as stocks, bonds and real estate as well as taking into consideration the different expenses that crop up in retirement such as healthcare costs, travel plans and any outstanding debts.
In addition, Arbuthnot Latham suggested that people maximise employer benefits and plan for longer life expectancy, with savings that can support them for 20-30 years post-retirement.
