Exclusive: Half of Londoners aged 75+ wish they were better prepared for retirement
Almost half (49 per cent) of all Londoners aged 75 and older wish they had been better financially prepared for their retirement, according to new figures shared exclusively with City A.M.
At the same time, 45 per cent of Londoners between the ages of 45 and 65 do not have a clear idea as to how much money they will need to retire on, the research from Netwealth shows.
More than a quarter (29 per cent) of retirees in London also said they had underestimated how long they would be retired for.
Meanwhile, just more than a fifth (21 per cent) of Londoners are currently getting professional advice on their retirement plans.
The figures also show that Londoners are more likely to express concerns about their retirement than those living in the rest of the UK.
Notably, a third (33 per cent) of Londoners compared to 25 per cent of British people aged 75+ wish they had sought out professional financial advice.
Commenting on the findings, Charlotte Ransom, CEO 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 75+ highlight that often we are not sufficiently prepared for retirement and may not realise this until it is too late.