The Money and Pensions Service (Maps) has launched its new ‘Get retirement guidance’ tool amid a lack of financial plans among people approaching retirement.

Its annual MoneyView survey found that 41 per cent of people aged between 55 and 65 had no financial plan for later life.

Maps described the findings as “concerning” and called on those aged 55 and older to take action before it was too late to plan.

MoneyHelper, Maps’ consumer-facing pensions guidance service, has therefore launched a new tool to help people approaching retirement to receive guidance.

The tool asks users questions to match their personal circumstances with the guidance and tools that were most likely to be useful.

“Retirement planning is crucial; it ensures that people feel more confident about their future and are better prepared for later life,” commented Maps policy & propositions manager, Tim Sheppard.

“However, we know that so many people just don’t know where to start. Maps’ new tool helps create a starting point with an action plan for your personal situation.

“People work so hard all their lives, they deserve to live a comfortable and enjoyable retirement. But careful planning is essential to ensure you can afford both life’s necessities and the comforts that make retirement enjoyable.”

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