Those aged 55-64 are at risk of exhausting their retirement savings early and are not adequately planning for their retirement, according to new research.

A quarter of UK adults aged 55-64 surveyed by Standard Life who are still working said they are only budgeting for their retirement income to last ten years or less, despite an average life expectancy of 82 years.

Just over one in ten (12%) said they are only planning for their retirement income to support them for one to five years.

Almost a third (29%) of over 55s still working expected to need the same amount of money each year throughout their retirement. However, 27% were not sure of their retirement income needs and how they will change over the years. Women were more unsure than men of their annual income needs in retirement, with a 31% reporting uncertainty around future income requirements, compared to 22% of men.

Despite the uncertainty around future financial requirements among those nearing retirement age, the research also found that 80% of over 55s have not sought financial advice in relation to their retirement income needs, with 46% having no intention to in the future.