One in six (16 per cent) of UK adults use gut instinct or guesswork to gauge their retirement savings target, research from Standard Life’s Retirement Voice report has revealed.

In addition, almost two in five (39 per cent) admitted they’ve not worked out how much they’ll need at all.

This included 43 per cent of Generation X and 34 per cent of Baby Boomers, many of whom were approaching or had passed state pension age.

This uncertainty translated into retirement fears, as the research showed nearly half (47 per cent) of those surveyed, including 31 per cent of Baby Boomers, were worried their retirement savings wouldn’t last the full length of their retirement.

Standard Life managing director for retail direct, Dean Butler, claimed that with so many factors at play, it “wasn’t surprising” that people often resorted to guesswork when planning for retirement.

“Part of the challenge is that calculating how much you’ll need involves a lot of moving parts – inflation and your expected retirement date are considerations, as are your lifestyle goals and any additional income sources,” he explained.

“Without the right tools or support, it can be difficult to know where to start, and connecting with your future self can be an issue, too," continued Butler.

"Retirement can feel very distant, especially when you’re busy judging the demands of everyday life.

“It’s tempting to put retirement planning off or assume it will all make sense in the end, but the delay can be costly,” added Butler.

Earlier this year, research from Standard Life’s Retirement Voice report revealed that two-thirds (66 per cent) of Millennials were worried they were not saving enough for retirement, making them the most concerned generation.

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