According to Malcolm McLean, senior consultant with Barnett Waddingham, "living on or close to the level of the state pension alone is no joke."
He said: "Relying on the state pension on its own will never give most people anywhere near the standard of living they might hope to have in their later years.
"And it gets worse as they get even older and the reserves of savings they might have at retirement age start to dwindle and then disappear altogether."
According to Mr McLean, the UK has one of the lowest state pensions in the civilised world and with an ageing population, pressures on funding and serious doubts about the long-term sustainability of the triple-lock things are unlikely to improve in the foreseeable future.
He said: "For the younger generation the message is clear. You will have to put money aside during your working years to give yourself a supplementary income to bolster your state pension in retirement, or face up to the possibility of relative poverty in your old age.
"Auto-enrolment will give most workers an opportunity to pay into a workplace pension scheme and be supported by an employer contribution and government tax relief.
"Think very carefully before deciding to opt-out. Your future well-being and a better lifestyle in your ‘golden years’ could well depend upon it."