Over-55s 'need to get ready for retirement'

By Tom Farley, Thu 19 Aug 2010 - Published in Pensions

There has been a fall in the number of over-55s who feel they are adequately prepared for retirement, according to new research.

A poll published by MGM Advantage found that only five per cent of the UK's adults aged 55 and over, which is the equivalent of just 299,000 people, believe they are fully prepared for their golden years.

The research also noted that this is a decrease on the 39 per cent who thought they were ready for retirement when the survey was carried out in 2008.

Furthermore, the poll revealed that 21 per cent of respondents, or around 1.2 million people, say they are in no way prepared for having to give up work in the next few years.

Craig Fazzini-Jones, director at MGM Advantage, commented: "Part of the problem is that relatively few people seek professional advice before they retire, but it's crucial that people are extremely proactive in checking their finances at this time."

Last week, LV= head of annuities Matt Trott advised people to prepare financially for their retirement, as this is often a time of many important lifestyle changes.

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