Older generations are bemoaning their lack of preparedness for retirement, research from wealth manager Netwealth has found.
The firm surveyed over 2,000 people, including pre-retirees and retirees with at least £50,000 ($65,205, €59,943) of investable assets, and found 25% of over 75s underestimated how long they would be retired for and wished they had worked with an adviser.
This is compared to just 13% of 65-74-year-olds.
Some 43% wished they had been better prepared for later life care costs compared to less than a quarter (23%) of those in the 65-74 bracket.
Pre-retirees ignore warnings
Despite the concerns expressed by those aged over 75, pre-retirees aged 45-64 seem likely to make the same mistakes.
Only 50% have a clear idea of how much money they need to live comfortably in retirement and have a plan in place to achieve this, while 35% have created a Will and shared their plans with loved ones.
Even more worryingly, just 20% are currently working with an adviser to prepare for retirement and just 16% intend to start doing so within the next 12 months.
Charlotte Ransom, chief executive of Netwealth, said: “As life expectancy increases, the need for thorough and flexible retirement planning becomes all the more vital. The regrets expressed by those aged over 75 highlight that often we are not sufficiently prepared for retirement and unfortunately may not realise this until it is too late.
“The lack of concern demonstrated by those earlier in retirement suggests they are sleepwalking into the same predicament and will be faced with a series of shocks over the years to come, particularly given the more challenging investing backdrop that we are likely to see for the foreseeable future.
“Retirement is an exciting phase of life, marked by increased freedom and the ability to pursue our passions and take on new challenges. However, to achieve a happy, successful retirement, we must prepare ahead of time.
“Work with a financial planner early on to identify the type of retirement you want and the steps you need to take to get there, use online planning tools to help bring your plans to life, and ensure you take a holistic approach centred on your goals and ambitions for this phase of life, rather than focusing solely on investment returns which may or may not be achieved.”