“Older adults are also more exposed to financial hits to their pension saving, because being closer to retirement there is less time for fund values to recover before they might want to start drawing on their wealth.
“Crises like the current one highlight the risks that arise when individual saving is increasingly important for securing living standards in retirement.”
Kay Ingram, director of public policy at LEBC said, the findings highlighted the importance of having a financial plan in place.
She said: “A good plan should focus on starting retirement planning as early as possible, not relying on the later stages of working life to fund retirement, a multi-asset approach to building a pension pot (which helps to smooth out short-term shocks in the economy), reducing risk on a gradual glide path to retirement, annual reviews of the plan and making adjustments as retirement gets closer.
“These are just some of the benefits a financial planner can provide to the increasing numbers of retirees whose retirement plans will depend on investment returns from their savings.”
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