A retirement planning study has found that more than eight out of 10 people underestimated how long they were likely to live after giving up work.
The research by MGM Advantage showed men approaching retirement age underestimated how long they would live by an average of five years, while the figure was even higher for women at an average of 10 years.
Overall, 82% of people approaching retirement underestimated how long they are likely to live.
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The study found that 15% of women did not expect to live past 70, compared to 16% of men, while just over a third of 55-64-year-olds could not see themselves living beyond 75.
Some 79% of men nearing retirement age underestimated their likely longevity compared to 85% of females.
Men aged 55-64 estimated their average life expectancy to be 81 years old and women estimated it to be 79. This was compared to official figures which showed that the average 55-64 year-old is expected to live until 86 if male and 89 if female, meaning that men could be in retirement five years longer than expected and women for ten.
Aston Goodey, sales and marketing director at MGM Advantage, said: "The Chancellor's Budget changed the pensions' landscape forever allowing people more freedom and choice with their pensions.
"With increased choice comes the risk that individuals may live longer than they anticipated meaning they may outlive their retirement savings. If you don't plan properly then the funds built up could be exhausted in later life.
"This could lead to a decline in living standards and may come at the exact point you need regular income for things such as care fees.
"Many retirees are naturally conservative so while increased flexibility may have some appeal, they will also want to make sure they have long-term guaranteed income."