Four out of five people aged 55 or over are charting their own path to retirement and turning their backs on guidance and advice, according to new research.

Despite the DIY approach, however, nearly one in three who have retired say they are not experiencing the retirement they dreamed of, the research found.

Issues such as health challenges, rising living costs and unexpected bills are impacting the retirement experience for the over 55s, according to Canada Life.

The firm asked the over-55s how they were finding the overall retirement experience, given the ongoing economic pressures of rising living costs.

The research found that 79% of over 55s who have retired, did so without the help of financial guidance or advice, preferring to opt for a DIY approach to managing their finances.

But 29% of the same group admitted they were not experiencing the retirement they dreamed of. More positively, 39% are.    

One in 10 retirees - 11% - failed to anticipate just how much money they would need in retirement and were finding life after work more difficult than they expected and wished they had planned properly.

More than a third  - 36% - said they had experienced unexpected health challenges, however 27% said that although they were not living the retirement they had planned, they were still happy with life post-work.

Tom Evans, managing director, retirement, at Canada Life, said: “It’s clear from this insight that people’s experiences of retirement vary quite widely.

"While a lack of retirement funds, and the impact of rising costs are clearly issues facing the current generation of retirees, unexpected health issues trump both of those, and the dreams of many have been shattered.”

He pointed out the importance of engaging the services of a qualified financial adviser early on.

• Research was conducted by Opinium among 663 over 55s who said they were retired, with fieldwork conducted between 19 – 22 March.