Around one in three (34%) workers aged over 50 has not yet decided how they will access their pension savings, research indicates.
Nearly half (46%) of women over 50 who have not yet retired who were surveyed for Scottish Widows said they have little or no knowledge of their retirement options, compared with just over a third (35%) of men.
More than four-fifths (81%) of over-50s said they believe it is important to seek support before accessing their pension.
But nearly a fifth (19%) plan to seek advice only in the year they retire.
People can seek free guidance from the Government-backed Pension Wise service.
The Government-backed MoneyHelper website also has pension guides and tools. Pension providers may also have retirement calculators which can help people to understand if their pension savings are on track.
Pension savers could also weigh up Pension UK’s retirement living standards on its website, which aim to give a general indication of how much life in retirement could cost.
Some people may also consider taking financial advice.
Carolyn Jones, retirement director, Scottish Widows, said: “We need to bring the conversation forward.
“Too many people only fully engage in their retirement planning when they approach the point of taking action. By then, valuable opportunities to plan, prepare and make informed choices may already have been missed.
“The industry is making progress. Targeted support, guided retirement journeys, digital advice and workplace education are all helping people navigate increasingly complex decisions. But we need to go further.
“Our rallying cry is simple – engage earlier, understand your options and seek advice sooner.”
She added: “The earlier people think about their income needs, the more choices and confidence they have to achieve the lifestyle they want.”
Research included a YouGov survey of more than 6,200 adults and a further survey of 1,000 UK adults across the UK in February. More than 2,300 people aged over 50 were surveyed.
