Retirees see incomes almost halve since crash

He said: “Most of our client portfolios' have all recovered since the financial crisis; in fact some clients are well ahead of where they were at the time of the financial crisis.”

The main difference is that Mr Torry's clients do not buy annuities any more, and have a diversified portfolio, including buy-to-let properties for example, “which have significantly increased in value,” he said.

“When we are giving advice to clients, 10, 15 years prior to retirement, it is all about diversification, it is about having a broad spread of assets, and that does not mean only stock and bonds,” he added.

Sebastian Hurst, chartered financial planner at London-based Plutus Wealth Management, also said the research's conclusions do not apply to his clients.

“It is a very limited example. People in this situation should diversify their portfolios and look for professional advice,” he said.

Mr Long noted that if people want to increase their pensions they “must act early”.

He said: “If you are employed, check to see if you are missing out on valuable employer contributions - many people do.

“Investigating your investment options will also be time well spent. Plenty of information is available to help make informed decisions, seek out investment fund best buy lists or consider taking financial advice.”