Marvin OnumonuMore than half of over 55s did not know what their retirement options were, according to a survey carried out by Opinium on behalf of Hargreaves Lansdown.
Only 39% of people said they had a clear understanding of their retirement options, while 45% of over 55s said the same.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “We make some of our biggest financial decisions around retirement.
“Deciding when and how to retire, as well as how to draw an income, is hugely important – and, in the event of annuity purchase, irrevocable.
“However, the data shows there are worrying gaps in our knowledge that risk the wrong decisions being made.”
Morrissey added: “It’s important to make use of all the support that is available out there whether that be financial advice or guidance services such as government backed Pension wise.
“The FCA’s work on the advice guidance boundary will also spell good news as it will enable providers to offer more support than they previously have been able to by letting them suggest more personalised options.
“Being able to offer such support could be a real gamechanger in helping people make more informed choices around retirement.”
