Asians are having a difficult transition into retirement, with investors facings a retirement gap of up to 13 years as savings fall short, according to a survey from Manulife.

In the latest Manulife Investor Sentiment Index, nearly 50 per cent of the 3,500 Asian investors polled for the study have no retirement plan in place, with even more than 50 per cent expecting to work in retirement. A third of them don't expect to be able to afford a desirable retirement, while two of five pre-retirees expect to financially support their retired parents. Retirees' savings will run out up to 13 years too soon.

"For anyone leaving it until later in life to start planning for their retirement, making up the shortfall will become harder and harder. The reality is that, without a clear plan, it won't be all right on the night," said Robert A Cook, president and chief executive of Manulife Financial in Asia.

Asia investors on average expect to depend on retirement savings for around 19 years, but the amount they claim they will have saved by this time will cover only 13 years -- a six-year shortfall. In some markets, the gap is much higher, rising to 13 years in Japan, where 71 per cent of investors were not confident of being able to afford a good retirement. 

On the other hand, of those who have started planning (55 per cent), about one in five did not start until a few years before retirement, while another quarter waited either until having children or until their children had finished school. Of the 45 per cent of investors who do not yet have a plan, almost 50 per cent said they would wait until their children had finished school or until they were nearly retired. 

Across the Asian region, an average 55 per cent expect to continue working during retirement, with responses high in Indonesia, 68 per cent, and Singapore, 69 per cent. Around 21 per cent in Hong Kong said they expect to rely on children for financial support, while 42 per cent said the same in Malaysia. 

"We know from factors like declining fertility and household size, plus urbanization and divorce, that the family-based support system is diminishing. So people would be wise to take charge of their own retirement needs," added Michael Dommermuth, president for international asset management at Manulife. 

The Index results is based on interviews conducted in Hong Kong, China, Taiwan, Japan, Singapore, Malaysia and Indonesia. Respondents were middle class to affluent investors aged 25 years and up.