Two in five Brits aged between 55 and 64 are saving nothing at all per month towards their retirement, according to research by Aviva.
The pension and insurance giant claims that Brits who are approaching retirement are in 'far worse shape' financially than those aged 65 and over.
For instance, one fifth of 55 to 64 year olds still owe more than £75,000 on their mortgage and a typical 55 to 64 year old has just under £8,600 saved for their retirement.
In contrast, a typical over 75 year old, who has been retired for a number of years has savings of almost £19,000, while a typical 64 to 74 year old has savings nearly £14,000.
Meanwhile, Aviva has revealed that the biggest retirement concern amongst over 55s is the rising cost of living – 74 per cent, followed worries over unexpected expenses and a falling return on savings in the future.
In addition, around one in five people aged 55 or over are concerned about retiring, with 12 per cent highlighting redundancy as an ongoing concern.
Commenting on the results from its Real Retirement Report, Clive Bolton, director for Aviva Life believes the report paints a "worrying picture".
"Those who are already retired are actually – to a large extent – financially better off than the pre-retirees. Their income might shrink as people retire but the current generation of retiring and long-term retired have a higher incidence of homeownership, lower debts and more savings than the pre-retirees," he said.
Before adding: "Although we would strongly advise people to start saving for their retirement as early as possible, we also need to ensure that those approaching retirement have access to the right information and support to maximise their income in their later years."
© Fair Investment Company Ltd