1 in 10 saw their own financial adviser with 4% seeing an adviser arranged by their employer before retirement, according to new research from retirement specialist Just Group.

Nearly a third (30%) did not do any financial assessments, rising to 51% of those who retired when they started to receive the State Pension.

Almost one in eight (13%) said they had no time to plan because they were forced to retire. More women were forced to retire (17%) in comparison with men (10%).

Some retirees took the DIY approach. Four in ten said they conducted their own review of their personal finances to assess their income and outgoing in retirement. This figure was nearly twice as high among men (51%) than women (27%).

Among those aged 55-64, 18% saw a financial adviser and 51% conducted their own financial review.

That compares to the 65-74 age group where one-third fewer (12%) saw an adviser and 41% conducted their own review.

Double the number of people aged 65-74 said they did not review their finances (31%) compared to those aged 55-64 (15%).

Just Group said the figures show the scope for advice firms to broaden their offering to appeal to the army of ‘DIY’ retirees.

Stephen Lowe, group communications director at Just Group, said: “Stopping full-time work is a huge financial step and involves complex choices. Yet most people take a DIY approach and go it alone rather than engaging professional help.

“While not everybody will have access to an adviser or will want to pay for regulated advice, that doesn’t explain the very low number benefitting from the free guidance from Pension Wise which is available to all those aged 50+ with a defined contribution pension.

“State Pension Age still remains a key anchor point for giving up work. While early retirees are more likely to have made financial plans, those retiring at State Pension age are more likely to say they didn’t plan, they just retired.”

Research was conducted by Opinium on behalf of Just Group among 1,043 UK retired and semi-retired adults aged 55+, between 21 and 26 April.