Three-in-ten over 40s have no plans in place to fund their retirement and a fifth expect to have to work as long as they are physically able, according to new research.

A recent study of more than 2000 over-40s found a further 30 per cent expect to have to work past state retirement age and 64 per cent are concerned about being able to afford day-to-day living expenses.

Further, 75 per cent are worried about being able to afford all they have planned during their retirement and 60 per cent of those surveyed said they wish they had started to plan for retirement earlier.

However, the research found more than half of respondents have no idea what amount they need to save in order to achieve the comfortable retirement they have planned.

Aviva managing director Clive Bolton said it seems there are a large number of people who are beginning to consider the possibility of never retiring due to concerns about their future financial situation.

“While some will be working to ensure they have enough money to have the kind of retirement they are hoping for, it seems there are some who will still be getting up every day to go to work simply to pay the bills,” Bolton said.

“It’s quite conceivable that people [who retire at the state pension age] could live for 30 years in retirement, so it’s important that they have funds available to support them, especially if they want to have an active and full lifestyle.”

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