Britons are being urged to act as more than a third of over 55s have never checked their pension forecast.
According to new research by wealth management firm Killik & Co, 36 percent of people surveyed in that age bracket are completely unaware of how their finances will look in retirement.
There is also a stark difference in results between those on higher and lower incomes. Almost half (49 percent) of those earning £15,000 or less have never reviewed their pension forecast, compared to only 14 percent of those with an income of £100,000.
The research also found nearly half of UK adults (45 percent) have never updated their will, with a notable gender split of 39 percent of men neglecting this task compared to 52 percent of women.
William Stevens, head of financial planning and partner at Killik & Co, commented: “Inheritance and legacy planning are crucial for securing the financial future of your loved ones, regardless of your income level or perceived level of wealth.
“It’s never too early to start planning for retirement and seeking professional advice can make a difference in achieving peace of mind and potentially even improving your retirement finances.”
Whether people are just starting their career or approaching retirement, Mr Stevens said: “It’s essential to have a clear plan in place and an understanding of roughly what to expect.
“Everyone should be regularly reviewing things like your pensions, any investments you hold, and cash savings to ensure they are still working for you and fulfilling your needs.”
Mr Stevens highlighted that taking “proactive” steps and planning toward inheritance to ensure assets are preserved and passed on according to your wishes is “essential”.
For those with larger estates who might be concerned about inheritance tax, Mr Stevens said: “Planning early is even more important.”
There are a variety of pension calculators available, such as Pension Bee and Flagstone, where people can see a projection of their retirement funds to help them plan.
