7m over-50s confused by retirement planning

Almost seven million people facing retirement are unsure and confused about what to do to plan their retirement.

According to the State of Retirement report from LV=, seven out of ten over-50s are confused by the complexity of current tax legislation and rules which they feel are constantly changing.

The equivalent of almost seven million people throughout the country have doubts.

Despite this uncertainty, the report reveals that 56% have not sought out professional financial advice.

Rodney Cook, LV= life and pensions managing director, said that among the people who have sought advice, the preferred source is independent financial advisers.

He said: "Of those over-50s who have already consulted a professional about financial advice, independent financial advisers (IFAs) are the preferred source of information, with almost half (49%) of people facing retirement choosing to consult an IFA."

"And it seems the closer people get to retirement, the more they realise they may need help with their financial planning, as five out of ten of those aged 60-64 years (55%) have met with an IFA. The good news for IFAs is that they remain the preferred source of information about retirement planning and finances, above bank managers, solicitors and brokers."