People need to take ownership of financial planning as the average retirement age increases, says an AXA Wealth spokesman.
Yesterday, the Office For National Statistics (ONS) released a report showing average retirement ages for men and women rose by one year between 2004 and 2010.
Mike Morrison, head of pensions development at AXA Wealth, said the findings "confirm the wide spread belief that people are indeed retiring later, and we expect this to rise as state pension age moves upwards."
The ONS Pension Trends Survey revealed on average men now retire at 64.6 years, while women are retiring at 62.3.
As time spent in retirement will also increase due to people living longer, AXA has said the need to save and invest is paramount.
Morrison said: "We know from both our own research, AXA Wealth Self, and the FSA's Consumer Awareness Survey, that people are currently risk averse and unsure as to their own risk appetite. The only way to properly prepare for retirement is through a professional financial adviser who can help plan the appropriate solution across savings, pensions and investments as well as other asset classes.
"Despite the grim macro picture surrounding unemployment and the economy, preparing for retirement has never been more critical."
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