Approximately 79 percent of people over the age of 55 retired without financial guidance or advice, instead choosing an approach to managing their finances on their own.
Canada Life research found that while 39% of the same group are experiencing the retirement they dreamed of because of that approach, 29% are not.
It also found that 11% of retirees did not anticipate how much money they would need in retirement and found life after work more difficult than expected.
36% said they had experienced an unexpected health problem, while 27% said they would still be happy even if they didn't live the retirement they had planned.
The survey also found that money was a big factor in overall retirement satisfaction for people over 55, with 21% saying they hadn't factored increased costs into their plans.
Retirees also suffer from unexpected expenses, with 13% saying they received an unexpected bill.
12% of respondents also noted a relative lack of savings, saying they did not have enough money to live out their planned retirement, while a similar number of respondents aged 55 and over (11% ) had no idea how much he would save. Necessary for retirement funds.
Tom Evans, Managing Director of Retirement at Canada Life, said: Lack of retirement savings and the effects of rising costs are clearly issues facing the current generation of retirees, but unforeseen health issues outweigh both, and many people's dreams are dashed.
“To enjoy your retirement, it is essential to plan for your retirement and ensure you are flexible enough to navigate the many challenges you will face. Seek the services of a qualified financial advisor early on. Utilization is a fundamental part of that process.
“Advisers can help you with product selection, investment choices, taxes, and help you navigate any unexpected bumps along the way.”
alina.khan@ft.com