Almost half (49%) of retirees have said they did not check or seek help to see if they could afford to retire, leaving many in a "retirement blind spot", Just Group has said.

Research found that over a third (35%) of people aged over 55 said they simply retired without making any financial assessment of their ability to afford retirement.

A further one in seven (14%) stated that they ran out of time to make any plans as they were forced to retired earlier than expected.

Group communications director at Just Group, Stephen Lowe, said: "Many people are at risk of being caught in a retirement blind spot where they’re vulnerable to events unexpectedly knocking them off course.

"However, you decide to retire – be that immediately or by working part time for a bit – having a financial plan will help.

"There is a lot to weigh up including whether you want to stop work immediately or go part time, how long you can reasonably expect to need a retirement income, for what plans you have to make gifts or leave an inheritance and how you might meet the cost of later life care if it’s needed. Things rarely go exactly as expected but having a plan will make it easier to understand your options and handle life’s surprises."

However, Just Group found that one third (34%) said they fully reviewed their finances, with one in 10 (10%) speaking to family and friends about their finances.

The group also found that only 8% of those surveyed saw an independent financial adviser and that only 6% used Pension Wise.

Lowe added: "Receiving financial advice remains the gold standard for preparing financial plans ahead of retirement and, if possible, we’d encourage people to explore this option. It may be that your employer offers help, perhaps by making an introduction to a recommended IFA or even making a financial contribution towards the cost – so do check with them.

"The advent of the digital world means there are some lower cost online and hybrid solutions available for guidance or advice. At the very least people should make sure they take up their entitlement to use Pension Wise – the Government-backed, independent and impartial service which provides free pension guidance."

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