Two in five over-55s have no retirement plan as MaPS launches new Get retirement guidance tool

• MaPS research shows alarming number of people don’t have financial plan for later life.
• New Get retirement guidanceOpens in a new window tool helps those approaching retirement ensure their finances are in order. 
• 54-year-old Paul urges people his age to start their retirement planning early. 
• This Pensions Awareness Week, MaPS urges people age 55+ to use the tool and check their retirement budgets. 

The startling new figures from MaPS' annual MoneyView survey highlight a concerning number of people without a financial plan for later life, and MaPS is calling on those aged 55 and over to take action now before it's too late to plan.

To help people better plan for their retirement with greater confidence, this Pensions Awareness Week, MoneyHelper, MaPS’ consumer-facing money and pensions guidance service, has launched a new Get retirement guidanceOpens in a new window tool.

It’s specifically designed for those looking into retirement but don’t know where to start. The new MoneyHelper tool helps people approaching retirement to create a personalised action plan to follow.

It works by asking a small number of questions and from there, MoneyHelper matches someone’s unique circumstances with the guidance and tools most likely to be useful.

54-year-old Paul from Essex who recently benefited from a Pension WiseOpens in a new window Online appointment, encourages others to get support with retirement planning.

He said:

"I've worked in different jobs over the years and have several pension pots. I wanted to know whether I should consolidate these.

"Pension Wise Online prompted me to have further conversations with a financial adviser and my partner, about how we’d like to spend our retirement and whether I’d be able to retire early. 

"My advice to people my age is to start planning. A tool like Get retirement guidance will really help me get a clear picture of the lifestyle we can live."

Tim Sheppard, Policy and Propositions Manager at the Money and Pensions Service says:

“Retirement planning is crucial; it ensures that people feel more confident about their future and are better prepared for later life. 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.” 

To use the Get retirement guidanceOpens in a new window tool and for more free and impartial money and pensions guidance visit MoneyHelperOpens in a new window.

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About MoneyView

MoneyView 2026 is the Money and Pensions Service’s annual and nationally representative survey of over 12,000 adults living in the UK.

This included at least 1,000 people in each of Wales, Scotland and Northern Ireland.

The survey covers financial inclusion, bills, credit and need for debt advice, savings and financial resilience, pensions and retirement and financial confidence and satisfaction.

It offers a unique insight into the population’s financial situation and their current feelings towards their finances.

About MoneyHelper

MoneyHelperOpens in a new window offers free, impartial help for money and pensions that’s quick to find, easy to use and backed by government.

The service offers clear guidance online, over the phone and face-to-face and also points users to trusted services, if they need more support.

MoneyHelper was launched in June 2021 as a consumer-facing service to offer free and impartial money and pensions guidance.

It brings together the support and services of three former government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise.