Many people nearing retirement lack confidence when it comes to their pension savings, a report by LV= shows.

The survey of 8,529 people found that 33% who plan to retire in the next five years fear they don't have enough funds to live on, and 28% don't know how much they have in their pension pot.

Among those who have already retired, 42% feel their financial situation has significantly worsened since doing so.

Additionally, 35% feel they're often hit with unexpected costs, such as home maintenance, car repairs, or helping children or grandchildren, which often leave them financially vulnerable.

Steve Lewis, retirement director at LV=, said:

"Entering retirement should be an exciting time, but our research shows this doesn't automatically mean this group is confident about their retirement plans - both from financially and emotionally.

"While, on the one hand, pension freedoms offer people more flexibility and choice, on the other it demands they take greater responsibility on them of their own financial affairs."

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