One crucial thing people forget to plan for before retirement

An expert has highlighted a critical aspect that individuals often overlook when planning for retirement. Consultancy firm Barnett Waddingham reports that only 19% of UK savers have fully contemplated the implications of contracting a serious illness during their retirement. The company's At Retirement Reckoning report, which surveyed 5,000 people, discovered that merely a quarter of those under 50 have prepared for this possibility, compared to 16% of those over 50.

Just over two-fifths (43%) of the latter group admit they've considered it but haven't incorporated it into their retirement plans. A third (32%) haven't thought about it at all. Furthermore, only 17% of all respondents have considered the potential need for care.



Just 14% of those over 50 and 22% of those under 50 have done so. More than one-third (39%) of over 50s have pondered it but not included it in their planning, while 35% haven't considered it at all, reports the Express . A fifth (21%) of parents have planned for their children requiring urgent financial support during their retirement, with 30% of under-50s and 16% of those over 50 doing so.

Meanwhile, 12% of respondents have planned for their parents needing urgent financial support while they are retired, including 20% of those under-50, and just 7% of over-50s. Half (52%) of this age group said their parents needing urgent financial support is not something they need to consider, while 18% have thought about it but not included it in their plan. Mark Futcher, head of defined contribution at Barnett Waddingham, has sounded the alarm on retirement planning, stating: "Poor planning is almost as bad as not saving.

" He warned: "The evidence shows we're at risk of waving goodbye to a lost generation of retirees, cut adrift by insufficient planning, a myopic attitude to the harsh realities of financial shocks, and an unwillingness or inability to ask for help." He emphasised the urgency for the industry to take action: "The industry needs to urgently engage and educate people, especially those in their 50s and above. It's not just about instilling in them the importance of planning, but about making sure they have the necessary tools to do so and a true understanding of the hurdles ahead and their familial financial ecosystem.

" He also pointed out the crucial role of pension providers: "Pension providers are the most popular place for advice for over-50s, which means they have an urgent responsibility to offer fulsome, understandable, and targeted support.".