A retirement calculator could be a useful resource after experts warned that many people are still not planning ahead financially.

According to Ark Financial planning, lots of British consumers have not put enough money aside to ensure they are able to enjoy a certain lifestyle during retirement.

This, it stated, means that many people are relying on their property as a means of funding their post-working lives.

Phil Perry, co-director of Ark Financial planning, commented: “There is still this emphasis on property-rich and cash-poor that needs to be addressed by a lot of people.”

He added that most of the clients he has spoken to in the last 12 to 18 months consider paying off their mortgage their main priority.

Mr Perry was speaking after research by MGM Advantage found that only five per cent of British workers aged over 55 believe they are fully prepared for their retirement.

This is down from 39 per cent in 2008.

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<a href="http://www.moneynews.co.uk/9035/more-people-may-need-to-use-retirement-calculator/tag:news.google.com,2005:cluster=http://www.moneynews.co.uk/9035/more-people-may-need-to-use-retirement-calculator/Fri, 20 Aug 2010 07:54:26 GMT 00:00″>More people may need to use retirement calculator