Thursday, 30 January 2014 07:28
Some retirees spent less than 60 minutes arranging retirement plan
More than one in ten retirees spend less than an hour arranging their retirement plan, a survey has shown.
Some 12% took under 60 minutes to research their life after work earnings according to the study by Legal & General and unbiased.co.uk.
Some 33% spent under a week planning their post-work finances and 43% took under a month. Just 16% dedicated a year or more to the task.
Yet, when it comes to what they want to do in retirement retirees took their time to plan and research, the survey showed.
Over one in five spent a year or more researching their travel plans and other big dreams for their life in retirement.
Karen Barrett, chief executive of unbiased.co.uk, said: "Seeing that so many of us are spending less than an hour on a decision that will determine your income for the remainder of your life is hugely concerning.
"It's crucial that people are spending time looking into all the income options that are available to them at retirement."
Tim Gosden, head of strategy for Legal & General's individual retirement solutions business, said: "Our research shows that there is a clear knowledge gap among retirees aged 55 and over about the time required for planning their retirement income.
"The amount of time spent planning their dreams, versus the time spent considering our retirement income options, which will ultimately fund those retirement dreams, appears worryingly inadequate."
Over 1,000 people aged 55 and over were surveyed.
One in ten said they used a financial adviser and were confident in the income they receive.
But when asked if they had any regrets about how much time they took planning their retirement income, 14% said they felt they had not spent enough time arranging their retirement income and were concerned.