'It's so important' Two thirds of people retiring in 2021 risk running out of money

At the same time, one in five (21 percent) are planning to sell their home or downsize to fund retirement.

Mr Tait continued: “Understanding what money you have for your retirement and how to spend it wisely can be hard, but that’s where preparation and speaking to an expert can help.

"Circumstances or priorities may change, particularly if you’re retiring amidst a global pandemic, but it will be much easier to adapt a plan you already have, than if you were to have to start from scratch.”

Worries about whether they're financially ready to retire this year is something many have admitted to, but research found despite this, almost two in five (37 percent) have accelerated their planned retirement date in the past 12 months due to the pandemic.