People with no retirement savings could be forced to work until they are 86 if they want to achieve two-thirds of their final salary, Standard Life says.
Analysis of published Government data by the life and pensions firm found the real retirement age of people currently not saving for retirement could be between 74 and 86 if they hope to achieve the "holy grail" of retirement incomes.
Senior pensions policy manager Andrew Tully says the figures painted a stark picture of "retirement reality" for man people in the UK today.
"The holy grail of retirement saving is to fund an income worth two-thirds of your pre-retirement income," he says.
"If people rely on the state in the hope or belief that the government will bail them out, they will either have to survive on a basic income throughout their later life or simply face the music and defer retirement until much later.
"Most people in the UK would like to retire at age 65 or even earlier. To achieve this goal with a decent retirement income, private saving is essential.
"The old adage of it pays to start saving early has never been truer."
Association of British Insurers (ABI) research from November last year suggested more than a third of the working population - nearly 10 million people - are not saving into a pension at all, with many millions more not saving enough.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected