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Almost half of peopled aged over 50 do not have a detailed retirement plan while only 16% of UK adults are ‘totally confident’ they have enough money to retire in comfort, according to a new UK Retirement Confidence Index.

Half (49%) of current retirees entered retirement without any clear financial plan, according to a new report.

Retirees are set to receive a 8.5% increase to their State Pension from April next year as CPI inflation held steady at 6.7% for the year ending September.

New challenges have been highlighted for retirement planning following the publication of ONS statistics today revealing that the number of centenarians living in England and Wales in 2021 climbed to its highest number recorded.

Government-funded body the Money and Pensions Service (MAPS) is to combine its pensions services under a new Retirement Planning Hub.

Less than two-fifths (36%) of the average retirement income before tax is made up by pensions, according to a new report.

Only 39% of pension savers are on track for a moderate retirement income of £23,300 a year.

A quarter (25%) of financial advisers are working with clients to release funds to help adult children, according to a new report.

Non-advised adults are nearly twice as concerned about having enough money to live on in later life (42%) than their peers who have taken financial advice (23%), according to new research.

Retirees wanting a comfortable retirement and enough money to pay for later life care need to build up around £470,000 in retirement wealth due to the cost of living crisis, according to a new report.

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