Almost one in seven (15%) people in the UK have said that preparing for retirement has impacted their mental health, Standard Life has found.

The firm’s ‘retirement voice’ report, which assesses the impact of later life planning on individuals and the need for accessible support, revealed that one in five (20%) have lost sleep thinking about retirement.

A further 13% said they have been unable to focus on other things when making retirement preparations, with almost one in 10 (9%) stating that retirement planning has resulted in arguments with their partner or family.

Seven percent also said they have had to take time off work to deal with the pressures of retirement planning.

Despite the stresses of retirement preparation, the survey of over 6,000 people found that of those who have suffered negative effects, almost two-thirds (62%) have not sought support or advice to help them through.

Standard Life found that this rises as retirement approaches, with 74% of 55- to 64-year-olds not seeking help, rising to three quarters (75%) of those aged 65 and over not asking for support.

Managing director for retail direct at Standard Life, Dean Butler, said: “Preparing for retirement can be daunting, with some big decisions to make. Working out how much money you may need to build up for when you stop earning and deciding how and when to access it is no easy task.

"Retirement is also a huge life event and choosing when to take the plunge requires thinking about your expectations for later life as whole. This can all weigh heavily on the mind so it’s important to break down planning into smaller stages – such as what age you want to retire, what your retirement options are, and whether you’re on track to support the lifestyle you want later in life.

“It’s always worth getting support with retirement planning.”

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