Two fifths of the UK will run out of money by age 85

Two fifths (41%) of the UK's population will run out of retirement income by the time they reach the age of 85 and, with two thirds (65 %) expecting to live to age 85, this is a major cause for concern for retirees, according to research from Lincoln Financial Group.

Lincoln's research has also found that one in ten (11%) aren't even certain that they have enough money in their pension pot to last them to the age of 70.

As life expectancy increases and turbulent markets continue, people need to make sure they are managing their assets to ensure an income in retirement that will meet their requirements. With 36 per cent thinking that they will live beyond 80, it is surprising that a quarter (26%) of UK adults are not sure or haven't thought about whether they will have enough money to last them through their retirement.

Encouragingly the research did show that over half of the UK is thinking about how best to spend their retirement income. 37 per cent intend to use their income evenly throughout their retirement and 20 per cent plan on spending it sparingly to leave enough money for old age care.

Over half (53%) of UK adults rely on a pension - other than the state provision - to provide them with an income in retirement, so it is vital that they consider all retirement product options to ensure they get the financial support they require from their pension.

Simon O'Connor, Head of Products and Marketing at Lincoln Financial Group, said: "Increasing longevity means that it is more important than ever for people to seek financial advice to work out a retirement plan that will suit their individual circumstances and provide them with an income for life. With Lincoln i2Live, retirees can protect their retirement income levels against erosion by inflation - a problem affecting conventional level annuities - while maintaining a level of security with the unique Income Guarantee Option."

Lincoln i2Live was launched to provide customers with a unique range of flexible options to take them through each stage of retirement planning. Lincoln i2Live offers three products under one umbrella, i2Live Accumulator, i2Live Drawdown and i2Live Annuity, and allows customers to switch from one product to the next to suit their circumstances.