One in five Britons admitted that they are planning to 'work until they drop' in order to have a comfortable retirement, a study from Aviva has revealed. Worries about being able to afford their 'ideal retirement' means millions of over-40s are expecting to carry on working until they physically can't continue.

Day-to-day bills
Others are concerned about simply paying their day-to-day bills without the regular income from employment coming in. A further three in ten expect to continue working until at least a few years past the state retirement age.

Retirement should be a time to look forward to, whether it's to get away from the pressures of work or simply to have more time on our hands. But worryingly, it seems there are a large number of people who are so concerned about what their financial situation is going to be like, they are beginning to consider the possibility that they will always be working.

Give up work
There will be a number of people who simply will not want to give up work, but many would prefer to spend their retirement doing what they want to do, rather than continue to work. And 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.

Your State Pension is unlikely to cover everything you want to do during your retirement and cover unexpected expenditure, so it's important to have a financial plan in place to provide additional funds to give you some breathing space.

Budget 2014 changes
The changes to pensions and annuities announced in Budget 2014 now mean you can spend your pension pot how you want, but given we're all living longer too, it's still important to make sure you have enough put by to cover your annual costs for the long term.

The study of 2,000 over-40s found that while the average adult would like to retire around the age of 60, one in five believe they will be working right until the bitter end.

No plans in place
More than three quarters said they are worried about being able to afford all they have planned during their retirement. Another 64% are concerned about simply paying for day-to-day living costs.

But despite these fears, around three in ten over-40s have no plans in place to fund their retirement. Even among those who have a financial plan, 64% admit it's probably not going to be enough to do everything they want to do. And almost two thirds of those surveyed wish they had started to plan for their retirement much earlier.

Active full lifestyle
Worryingly, more than half don't really have any idea what sort of sum they need to save in order to be able to achieve the kind of retirement income they are hoping for. 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.

Over two thirds of those surveyed do have plans in place to fund their retirement, even though some are concerned that it's probably not going to be enough, but others don't have any idea of how much they need to save in order to have enough in retirement.

What's the best course of action for you?
Before you make any decision about your retirement planning, we strongly recommend you obtain professional financial advice. We will assess your personal circumstances and advise you on the best course of action for you. To discuss how we could help, please contact us for more information.

Source: Aviva. Methodology ? 2,000 UK adults aged 40 and above were interviewed between 2?9 April 2014.

INFORMATION IS BASED ON OUR
CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.