A survey found that more than half (54 percent) of those over 40 are afraid of retirement.
Although retirement may still be decades away, six in ten (61 percent) of 40-44 year olds said they were worried about it, property manager Aberden found.
The cost of living crisis and the impact of the current economic climate on investment was behind the concerns of many people, alongside concerns that people had not saved enough into their retirement pots in their lifetime.
Some said they were embarrassed that they didn’t seek retirement planning or advice.
In addition to financial concerns, some worried about being labeled “obsolete” or losing their identities when they eventually retire.
The psychologist Dr. Linda Papadopoulos said fear of retirement is an “important issue” and some people were seeking medical help.
She said: “Retirement anxiety is a sense of worry or anxiety that people who have not yet retired experience about the prospect of retirement.
“It can be a worry about how they’re going to spend their time, financial worries, or maybe a loss of identity.”
She continued, “There are two main reactions to problems that cause stress. One is to ignore them, which delays finding a solution to the problem.
“The other is panic, which can intensify it.
“People who suffer from retirement anxiety may find themselves thinking about it constantly, having trouble sleeping and generally feeling overwhelmed – this can affect their relationships and their performance at work.”
One in six (16%) people who worry about their retirement keeps them up at night.
According to the survey, about 13 percent said their personal life and relationships were affected, and 14 percent said their work was affected.
Papadopoulos said: “The key to overcoming stress is to first acknowledge the problem and then seek constructive and informed support to deal with it.
“Retirement is one of the big steps we know we’ll take at some point in our lives, and we can reduce our risk of ‘retirement anxiety’ by starting to prepare as early as possible.”
Colin Dyer, Aberdon’s Client Director, said: “It is clear that this increase in retirement anxiety is being compounded by the cost of living crises and worries about the economic landscape.
“We see that more and more with our customers every day.
“Planning for retirement early can help reduce worry and anxiety, and people shouldn’t feel embarrassed to bring up things they’re not sure about or aren’t worried about – it’s okay to do so.” to know. “
Around 1,000 people over 40 were surveyed across the UK in July.