A pensions consultancy firm has predicted the average retiree is set to live on the poverty line.
Analysis of 10,000 people planning for their pensions by Avacade Future Solutions showed the average retiree will receive 90% less than what they desire to live on in retirement.
The average fund size was £33,000, the Warrington based company found, equating to just £39.66 per week if they were to retire now.
The firm said this meant that even with the state pension, retirees would not have enough money to cover the cost of living.
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With the average living cost for a pensioner estimated to be £199.75 per week, even if they were to receive the maximum state pension - £148.40 – tomorrow's retirees will only have £188.06 to spend each week, Avacade calculated.
The average target fund size required to attain their retirement desires was £334,102, based on the majority of those surveyed hoping for £12,000 per annum in retirement. This, compared to the average pension pot of £33,000, equated to a 90% deficit.
The data analysis revealed an "alarming number of misinformed and ill-prepared pension planners" in advance of the April 2015 reforms.
Lee Lummis, managing director of Avacade Future Solutions, said: "We believe the rest of the industry needs to recognise the number of people that are ill-prepared for retirement and ensure they are given the tools to secure their financial futures."