A Sheffield financial planner is warning people to plan properly for their old age after a survey showed people underestimate how long they will live.
The research shows that more than four out of five people approaching retirement don’t expect to live as long as official figures say they will.
Men underestimate their lifespan by an average of five years and women by ten.
Jillian Thomas, managing director of Future Life Wealth Management, said getting the figure wrong could make a lot of difference to life in retirement.
“Retirement is either one long holiday or a prolonged period of unemployment, depending on how well you have planned it.
“And these days the pensions landscape is very confusing, so it is vital to make plans carefully, consider all the options and take advice.”
The report from MGM Advantage showed that 82 per cent of people approaching retirement underestimate their lifespan when compared with Office for National Statistics figures.
MGM found that on average men aged 55-64 thought they would live to 81 and women to 79.
But the ONS figures show that the average man of that age will live to 86 and for women the figure is 89.
A third of those surveyed thought they wouldn’t even live beyond 75.
Jillian, who is also junior vice president of Sheffield Chamber of Commerce and Industry, added:
“It is great that we are living longer and longer, but with that longevity comes the need to make sure we have enough money to have the quality of life we want.
“You don’t have to be approaching retirement to start thinking about your later years.
“People should start planning now so that retirement is enjoyable and not something to be endured.”