The UK’s high earners are facing a retirement shock as less than a third are on track for a financially comfortable time when they retire, according to new research.

Too many Financial Planners are relying on averages for their retirement income planning process, according to DFM Hymans Robertson Investment Services.

Three quarters (74%) of Wesleyan financial advisers have been caught in the middle of arguments between couples during retirement planning meetings.

Almost half of peopled aged over 50 do not have a detailed retirement plan while only 16% of UK adults are ‘totally confident’ they have enough money to retire in comfort, according to a new UK Retirement Confidence Index.

Millions of older workers are unaware of how much they have saved for retirement, prompting fears that they will miss out on an opportunity to boost their retirement pots.

A new survey has revealed that many under-35s have an unrealistic expectation of when they will be able to afford to retire, with many expecting to quit work by 60.

Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life, part of the Phoenix Group.

The cost of a comfortable retirement has increased by nearly a fifth in the last two years as average spending by retired households climbs to £23,675 a year, new analysis of the latest Government data has shown.

The break-even point for retirees to get their money back from an annuity investment has fallen by five years as rates rise, according to Canada Life.

Sales of annuities surged more than a fifth during the first three months of the year to reach their highest level for eight years.