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Australian retirees are seemingly unequipped to plan for their finances in retirement or even coordinate such a plan with their life partner, a new study has revealed.

Research from Franklin Templeton has revealed that less than 25 per cent of Australian retirees are working with a financial adviser to plan their retirement and generate income in retirement.

It’s despite nearly half of those surveyed believing that a financial adviser is important for such purposes.

The “flying solo” approach extends to closer family relations, too, with only 54 per cent of retirees with a spouse or partner indicating they had coordinated their retirement planning with them prior to retiring.

According to Franklin Templeton, it reflects “a potential lack of forethought when it comes to this important transition”.

Weighing in on the findings, the head of retail for Franklin Templeton in Australia, Manuel Damianakis, was encouraging of individuals taking a strong personal interest in their retirement finances, but warned against the “flying solo” approach.

He noted that 81 per cent of those retired have never developed a written retirement income plan and only 43 per cent have a strategy to generate income for retirement that could last 30 years or more.

And, despite the individual approach being taken by a majority of Australians, it’s not being reflected by their actions: the research revealed that just half of retirees check on their savings once a month or more.

A further one in three retirees admitted to Franklin Templeton that they don’t have a strategy, instead just spending what they need to each year and hoping it will last.

It’s a method Mr Damianakis would caution against.

He commented that “given ongoing market volatility and protracted low interest rates, it would be unwise for retirees to adopt a set and forget approach to their savings and investments, and this is often where those working without professional advice become unstuck”.

“As an industry and as a society, we need to navigate a better path where all retirees can access professional advice and still feel they have sufficient self-management and control.”