BEST FINANCIAL ADVISORS OF U.S.

Over 38% of adults are making no financial plans for their retirement and, of those, 28% have no intention of doing so. Those who do plan to in the future are starting much too late, according to Home & Capital Advisers’ retirement planning survey.

Not surprisingly, younger age groups are least likely to have started their retirement preparations already – with over 54% of under 30s saying they have done nothing or may be relying on their partners. But even among people in their forties, a worrying 35% have made no financial preparations for their twilight years.

Retirement preparations include paying into an employer’s pension scheme (27%), a personal pension plan (14%), savings (9%) and property (6%).

Of those who are not currently making financial provision for retirement, a shocking 28% have no intention of doing so, with the majority of them (54%) saying this is because they cannot afford it. 14% said they were living for today or hadn’t even thought about retirement, while a further 13% felt they are comfortably enough off not to need to worry. 11% are relying on the value in their own home.

Of those who intend to start preparing, 55% said they would do so by age 40 – but that leaves 45% who will leave it even later. For 14% of them, preparation won’t start until they are over 50. Those who intend to start a pension or other retirement plan said they would begin, on average, at age 39.

The survey reveals an alarming shortfall in many individuals’ personal provision for retirement, but also shows that many people are placing undue reliance on the government. 46% believe it’s the government’s job to provide for them in retirement.

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