The analysis, sponsored by Age UK and based on data from The English Longitudinal Study of Ageing (ELSA), which has been following households aged 50 plus every two years over the period 2002 to 2015, also showed the dependency increases to 86 per cent when state benefits are included.
According to the report, the state pension is an important part of retirement income for all savers, except for the lucky few with the greatest retirement incomes.
For Nathan Long, senior pension analyst at Hargreaves Lansdown, “the perilous funding position of the state pension reconfirms why the recent acceleration of the state pension age was required”.
He said: “A bump in national insurance contributions will be tough for many households to cope with, as pay packets are already stretched and will become increasingly so with the full roll out of auto-enrolment.
“Questions around the level of national insurance paid by the self-employed will surely resurface, even though any changes remain politically sensitive.”
The government announced in July that the state pension age increase should be brought forward to 68 between 2037 and 2039, due to increases in life expectancy.
Under the current law, the state pension age is due to increase to 68 between 2044 and 2046.
The change to the state pension age will leave 7.6 million people £10,000 worse off, according to analysis by the House of Commons Library.
From next April, the rate of the state pension for new pensioners will rise in line with inflation by £4.80 from £159.55 to £164.35 per week.