The Prudential said that increased life expectancy and improvements in general health are "changing how we think about retirement".
Almost one in four people scheduled to retire this year say they are not ready to stop work, according to a report. A survey of more than 1,000 people nearing retirement found that one in seven had already delayed their plans.
A wider poll of around 7,000 adults found that just over half would consider working beyond the state pension age because of financial considerations.
Prudential said its study also revealed that many people wanted to carry on working to keep mentally and physically fit.
Pensions Minister, Steve Webb said we need to take advantage of workplace pensions, to ensure we plan for our futures.
A report out today has warned that one in three are not saving for their retirement, with two thirds of people fearing financial hardship.
"Significant cuts" are being made to the living standards of UK workers to prepare for their own retirement.
Research has found many people place too much reliance on the state to help them in later years.
Pensions expert, Dr Ros Altmann told Daybreak that it is vital people have their own pension plans.
She added: "It is so important to not have a fixed age where you think I won't do any work at all."
On average, men in the UK have just under £73,000 in retirement savings, while women had around £20,000 less.
The UK has just over a third of the average retirement covered by savings.
- One in three of more than 1,000 people surveyed in the UK said that they are saving nothing at all for their retirement
- Two-thirds fear financial hardship, compared to just over half of people globally
- Of those not saving for retirement in the UK, three-fifths said that high living costs are holding them back
- Those aged 35-44 say they felt particularly squeezed
The UK's 12-year retirement savings shortfall is the biggest out of 15 countries.
The average retirement savings gap for the UK is eight years, two thirds more than other countries.
The UK's 12-year retirement savings shortfall was the biggest chasm in the study, which covered 15 countries. The average retirement savings gap found across the research was two-thirds of that in the UK, at eight years.
UK workers are having to make "significant cuts" to their living standards to prepare for retirement.
With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.
According to research from HSBC, UK workers are the worst-prepared, facing 12 years of living standard cuts.
Research also found that people are placing too much reliance on the state to help them in their later years.
Greater flexibility may be needed in pension saving, the head of investment propositions at Scottish Widows has said in response to a new study that shows that the next generation may have to start saving at 25 years old to retire by their 70s. Iain McGowan said:
Someone born in 2012 could expect to build up £73,000 worth of student debt, according to economist Steve Lucas.
According to a new study, financial pressures from university and housing costs will mean the next generation would have to start saving at the age of 25 to prepare for 30 years of retirement. Mr Lucas said: