Millions of people are being condemned to work into their 80s because of inadequate retirement savings.
A new report from insurer Royal London is warning that the four million people automatically enrolled into workplace pensions have been lulled into a false sense of security, despite only saving the minimum level set by government.
Royal London calculated that, for every extra one per cent added to pension savings, it will be possible to work one year less whilst achieving a decent standard of living in retirement.
The age at which you can afford to retire depends to a large extent on the standard of living you are targeting for the rest of your life.
If you want to draw a reasonably high level of income from your pension pots, and protect your income from rising price inflation, then working into your 80s seems the most likely outcome.
Of course the alternative is to save more and plan to fund a retirement in line with your ambitions.
A flexible retirement, where we can gradually reduce our hours and stop work at an acceptable age, is likely to be a mirage for millions of people based on current levels of saving.