More than half of older people are looking forward to the exciting new opportunities that retirement could bring without actually planning ahead for the costs, a survey has revealed.

Of those surveyed over the age of 55, around 23% have decided that they would like to travel in their later years, while 43% are ready to try new experiences, YouGov showed.

But their plans could be ruined as more than half of those nearing retirement age have managed to save less than £30,000 towards their pension, despite earning between £20,000 and £30,000.

A lump sum of £30,000 would translate into a retirement income of just £165 a month if the money was used to buy an annuity.

But despite the low level of income this sum would produce, 23% of people who have saved less than £30,000 say they still expect to have a comfortable retirement.

Around 49% of people said they plan to spend more time on their hobbies, with 60% of these hoping to generate an income from them.

A further 62% plan to get fit, while 48% hope to spend more time with their friends and family.

Copyright Press Association 2010