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How would you describe yourself when it comes to planning for your retirement? According to new research, most people would say they are ‘in control and organised’ of their future retirement plans.

Private bank Arbuthnot Latham looked at attitudes towards retirement planning based on how people plan to spend their time in later life, where they will live, and how they will fund their lifestyle.

They found that 31% of respondents felt ‘in control and organised’ of future retirement plans, with a good idea about approaching their future.

Just over 30% of respondents were not quite as confident, with mixed attitudes towards their retirement readiness.

And 19% of respondents had a ‘cautiously optimistic’ attitude towards retirement planning. Respondents who fell into their category were less sure about what the future holds and could benefit from spending more time planning.

Other respondents described themselves as ‘adventurous and energetic’ (planning to live life in retirement to the fullest) or ‘open to options’ (not giving their retirement planning much thought yet).

Steve Pennington, Head of Wealth Planning at Arbuthnot Latham, said:

“It is reassuring to see that people feel that they are taking control of their future and putting in plans for their retirement. Of course, feeling in control and actually being in control can be different things, especially as events change. We’d advise anyone to review their retirement and general financial plans on a regular basis to ensure they remain fit for the future.

“No two people are the same, everyone has different aspirations as to retirement lifestyle, where they want to live, and how they plan to use, invest, preserve and pass on their wealth.”

Pennington described the five most common attitudes to retirement.

1 – In control and organised
It sounds as though you will be ready for retirement when it comes. You have made some plans and have a good idea of how you will spend your time – and who you will spend it with.

2 – Adventurous and energetic
Wow. You are really planning to make the most of your retirement. It sounds like you will be busier in retirement than you are now. To ensure you can enjoy every minute, careful planning and having a timeline for your decisions now will help you live the life you want tomorrow – and make sure you can afford to do everything too!

3 – Cautiously optimistic
You might be worried about losing a sense of who you are as you retire, but remember you are more than your job title. Spending some time now to think about the things you want to achieve before and after you retire could help you visualise your future and the things that are most important to you. Your retirement will hopefully last a long time. Make sure you fill it with the things you love.

4 – Open to options
You may not have considered retirement yet, it might still be a way off. However, the earlier you plan, the more choices you will have when the time comes to consider this in more detail. Why not discuss your future with your loved ones to see if you are aligned in terms of plans for life beyond work? You might just surprise yourselves. If you would like to see what your financial future might hold, our cashflow modelling tool lets you build different scenarios to visualise what options you might have.

5 – A bit of everything
You carve your own path. Maybe you have some plans in place but want the flexibility to change these over time. Taking control of your financial future now may give you the freedom to explore different options in the future.

How would you describe your attitude towards retirement?