MGM: Britons 'failing to use retirement calculator'

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MGM: Britons 'failing to use retirement calculator'

Wed 18th Aug 2010

Retirement calculators could prove useful after MGM Advantage warned that many Britons are not prepared for their post-working lives.

Research showed that 1.2 million people aged 55 or above do not feel as if they are financially prepared to retire.

Indeed, just 15 per cent of those polled said they have been to see a professional for financial advice on retirement.

Meanwhile, eight per cent had spoken to a bank about the issue, while six per cent had seen a friend for advice.

This could mean that many older people will be required to delay their retirement and stay in work for longer.

Figures showed that 35 per cent of respondents aged 65 who are still in work believe they will be in employment when they are 71.

Craig Fazzini-Jones, director at MGM Advantage, commented: "It's crucial that people are extremely proactive in checking their finances at this time."

This comes after a poll by Scottish Widows found that 56 per cent of over-50s who have yet to retire fear they will not have enough money to enjoy life to the full.

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