Britons are being urged to seek pension advice and plan their retirements earlier in order to make make more “informed choices”.
It comes as a new survey has revealed that roughly one in three (34%) workers over 50 remain undecided on how to access their pension savings.
The research for Scottish Widows also highlights a notable knowledge gap among between men and women.
Almost half (46%) of women over 50 expressed having little or no understanding of their retirement choices, compared with just over a third (35%) of men.
While more than four-fifths (81%) of over-50s consider it important to obtain support before tapping into pensions, nearly a fifth (19%) plan to seek advice only in their retirement year.
Where to get pension advice
Free guidance is available from the government-backed Pension Wise service.
The government-backed MoneyHelper website also has pension guides and tools.
Pension providers may also have retirement calculators which can help people to understand if their pension savings are on track.
Pension savers could also weigh up Pension UK’s retirement living standards on its website, which aim to give a general indication of how much life in retirement could cost.
Some people may also consider taking financial advice.
What the experts say
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Carolyn Jones, retirement director, Scottish Widows, said: “We need to bring the conversation forward.
“Too many people only fully engage in their retirement planning when they approach the point of taking action. By then, valuable opportunities to plan, prepare and make informed choices may already have been missed.
“The industry is making progress. Targeted support, guided retirement journeys, digital advice and workplace education are all helping people navigate increasingly complex decisions. But we need to go further.
“Our rallying cry is simple – engage earlier, understand your options and seek advice sooner.”
She added: “The earlier people think about their income needs, the more choices and confidence they have to achieve the lifestyle they want.”
Research included a YouGov survey of more than 6,200 adults and a further survey of 1,000 UK adults across the UK in February. More than 2,300 people aged over 50 were surveyed.