Guidance around saving for retirement is among the most common advice sought from financial advisors. However, an exhaustive study by the People’s Pension found many older savers have not taken the advice received to heart. The in-depth research, which included interviews with sample groups conducted since 2015, showed many savers seemed to be sleepwalking into retirement. Many people are not planning adequately or saving enough money. When they finally opt to open pension plans, they are also making bad investment choices. We can sum up the main points of the study with three fundamental problems older savers are facing.
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