The wealth adviser calculated to achieve an annuity paying out £25,783.87 after tax, a non-smoking male looking to take his annuity from age 65 would need a retirement fund of £616,400.
The study of 2,010 adults showed only 27 per cent of those aged 55 plus have already achieved a level of savings that they are confident will comfortably fund their retirement.
As a result, Towry discovered 7 per cent were actively considering delaying their retirement due to perceived lack of funds.
Kate Turner, head of wealth advice at Towry, said: “Many of those who think they are on track with their savings and retirement planning may be well advised to commit more of their finances to their pension pot if they want to maintain their current lifestyle in retirement.
“The sheer scale of how much you need to save in order to provide the standard of living you would like in retirement may well shock many people, especially in the current low interest rate environment.
“It is especially critical for those who are over 55, and hoping to look towards accessing their pension fund in the coming years, to be in a position where they can feel comfortable heading into what is hopefully going to be a long retirement period.”