19% of Britons have spent sleepless nights worrying about retirement planning, according to new research from Standard Life’s Retirement Voice report, highlighting the impact thinking about later life has on individuals and the need for accessible support.
Nervousness about preparing for retirement has further negative consequences, with 15% reporting poor mental health and 13% saying they have been unable to focus on other things. For almost one in ten (9%), retirement preparations have caused arguments with their partner or family, while 7% have needed to take time off work too.
Standard Life’s research, conducted among more than 6,000 people, found that consumers are battling these difficulties around retirement planning alone. Among those who have suffered negative effects, the majority (62%) have not sought support or advice to help them through. This rises as retirement approaches, with 74% of 55-to 64-year-olds not seeking help, and 75% of those aged 65 and over also not asking for support to help them cope.
Dean Butler, managing director for retail direct at Standard Life, part of Phoenix Group, said: “Preparing for retirement can be daunting, with some big decisions to make. Working out how much money you may need to build up for when you stop earning and deciding how and when to access it is no easy task. Retirement is also a huge life event and choosing when to take the plunge requires thinking about your expectations for later life as whole. This can all weigh heavily on the mind so it’s important to break down planning into smaller stages – such as what age you want to retire, what your retirement options are, and whether you’re on track to support the lifestyle you want later in life.
“Christmas is coming up, and the festive break can be a good time to take a pause and think about your retirement goals, as well as perhaps take the opportunity to talk about what retirement means for you with family and friends.
“It’s always worth getting support with retirement planning. If you’re in a position to seek financial advice, IFAs can offer you tailored advice based on your specific situation and goals. There are also a number of free guidance services like the government’s Pension Wise that can explain the options available, and remember to also speak to your employer and pension provider.”