Of those hoping to retire in the next year, 62 per cent do not have a proper plan in place.
Research by Vanguard in partnership with BoringMoney also found a further 25 per cent had not considered the tax implications of retirement.
According to Vanguard, people typically start researching how much money they need for retirement just 3-5 years before retiring and speak to their pension provider a year before they stop working.
A third of respondents said they used an online pension calculator to do their research while a quarter read articles and information on retirement online.
However, 14 per cent of respondents had not done any research ahead of their retirement.
Of those nearing or in retirement, 31 per cent had spoken to an adviser about their options in advance.
The research also revealed 62 per cent of respondents expressed a desire to not stop working entirely at retirement and instead were looking to reduce their hours gradually.
However, in reality 62 per cent of people in retirement stopped work completely on a specific date, according to Vanguard.
Common reasons for wanting to retire gradually included wishing to top up income in retirement (44 per cent), and needing more money to live comfortably (31 per cent).
James Norton, head of retirement and investments, Europe, said:“We are fortunate in the UK to have a state pension and regulation that requires all employers to offer a workplace pension and contribute alongside employees.
“However, it’s important to be aware that for many this comfort blanket is unlikely to be enough to provide a comfortable retirement on its own. The full rate state pension (£11,502.40 p.a.) is below the £14,400 income the PLSA estimates as necessary for the minimum standard of living in retirement.”
Further data showed 58 per cent of respondents had never looked into consolidating their pensions.
Some 33 per cent had previously looked into this, but chose not to act while 10 per cent started the process but did not finish it.
In addition to this, 20 per cent planned to combine or consolidate their pensions in the next twelve months, with 34 per cent doing so to ensure their pension was in one place and easier to manage.
According to the Vanguard study, people recognise the need for support, but don’t know where to find it.
The research found 81 per cent of those nearing retirement would like some support and 32 per cent of those in retirement would still welcome help.
In terms of how they’d like to receive guidance, 39 per cent of respondents said they would like someone to explain their options for retirement in a way they understand, and another 38 per cent would also like to receive timely information from their pensions provider.
The number one question that people had about retirement was how much they would need to retire, with 34 per cent of respondents wanting information on this.
