People without a retirement plan are four times more likely to feel stressed about their long-term finances, according to Aegon.
The latest research from Aegon’s ‘Second 50’ campaign found almost a third (30%) of people in the UK have no plans for how they will fund their retirement years.
However, 46% of those without a retirement plan are likely to feel stressed about their long-term finances, compared to just 11% of those with well-developed plans for later life.
Over half of those without plans are concerned about running out of money in retirement (57%), more than double the number (22%) with a financial plan.
Kate Smith, head of pensions at Aegon, said: “With life expectancy having risen over the past decade, and economic challenges forcing us to think about our money more deeply, taking the time to prepare a clear plan for our retirement finances is becoming increasingly important.
“Not only could it help you to navigate the known and unknown costs of later life – but as our Second 50 research shows, it also has value in providing peace of mind and confidence, as well as reducing stress.
“Having a plan doesn’t mean you have to follow strict rules every day or create a big, scary document. Simply understanding what you have, what you’ll likely need, what you’d like to do, and then coming back to review it every now and then can be just as effective.”
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