Just 1 in 5 feel they have saved enough for retirement

Around one in five Britons due to finish work this year feel they do not have enough saved up to retire in comfort, research has found.

According to a poll conducted by Prudential, growing numbers of Britons are coming round to the idea of working beyond the age of 65 so as to boost their savings accounts and pension pots.

Indeed, a quarter of those polled by the insurer said they would be willing to work for another five years to benefit from a more comfortable retirement, with seven per cent even expressing a willingness to work an extra decade beyond 65.

Commenting, Vince Smith-Hughes, head of retirement income at Prudential, explained: "Working beyond the normal retirement age is already a reality for many people who either have insufficient savings or simply want a greater income when they do come to retire."

He added, however, that, when they actually hit 65, many workers are keen to retire, regardless of their economic circumstances.

Meanwhile, research carried out by MGM Advantage has found that one in three UK adults expect their standard of living to decline slightly when they retire.

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2010-05-12 15:36:08 © Moneyextra.com