One in six adults, or 16%, are relying on gut instinct to estimate their retirement needs, according to research from pension provider Standard Life.

New research from its Retirement Voice report reveals that almost two in five, 39%, of adults admit they’ve not worked out how much they’ll need for a financially secure retirement.

The figure includes 43% of Generation X and 34% of Baby Boomers - many of whom are approaching or past state pension age, Standard Life pointed out.

The research also showed that nearly half, 47%, of those surveyed were worried their retirement savings won’t stretch the full length of their retirement, including 31% of Baby Boomers.

Dean Butler, managing director for retail direct at Standard Life, part of Phoenix Group, said: “Planning for retirement can feel daunting, and with so many factors at play it’s not surprising that people often resort to guesswork.

“Part of the challenge is that calculating how much you’ll need involves a lot of moving parts – inflation and expected retirement date are considerations, as are lifestyle goals and any additional income sources. Without the right tools or support, it can be difficult to know where to start.”

He advised people to think about when they want to retire and get to know their retirement options.

Mr Butler said: “People should check with their provider that their pension plan offers the options they want, and if not, they may need to transfer to another provider, although this won’t be right for everyone.

"Deciding how and when to access funds is important, so people may wish to get expert advice to help.”

• The research was conducted by Ipsos Mori among 6,000 UK adults. Fieldwork was conducted between July and August 2024. Data was weighted post-fieldwork to ensure the data remained nationally representative on key demographics.