The vast majority of retirees are shunning financial advice in favour of a DIY approach to retirement, new research from Canada Life has shown.
Four in five (79%) over-55s who have retired said they have chartered their own path to retirement, foregoing guidance and advice.
But while 39% said they had achieved the retirement they dreamed of, one in three (29%) admitted they are not experiencing the retirement they had hoped for.
More than a third (36%) of retirees said they had experienced unexpected health challenges, while money also plays a big role in people’s inability to fulfil their retirement dreams. One in ten (11%) retirees said they did not anticipate just how much they would need in retirement.
Rising inflation and the cost-of-living crisis has also had a negative impact. A fifth (21%) of those surveyed said they had not factored rising costs into their plans, with 13% receiving bills they were not expecting.
Tom Evans, managing director at Canada Life, said: “It’s clear from this insight that people’s experiences of retirement vary quite widely. 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.”
