A sixth of this year's retirees plan to depend entirely on the state pension but few know how much they will actually get, Prudential research has found.
The provider said while six in ten plan to depend on the state about a quarter of people polled overestimated how much they would get or simply did not know.
Its Prudential Class of 2012 report also showed women are more than twice as likely as men to have no pension. Some 20% of women retiring this year will depend on the state pension compared to 8% of men.
The average retiree is set to get 34% of their retirement income from the state, with weekly payments for single people set to increase to £107.45 from Friday, 6 April.
Company pensions are the second highest source of income, at 35% and the remaining 30% is made up of a mixture of savings, investments, personal pensions, part-time work and money from family.
Prudential retirement income expert Vince Smith-Hughes said the state pension was a ‘weak' safety net and should not be thought of as an overall retirement plan.
He said: "For far too many people, the state pension has become the default income option in retirement. Even those who have some private provision depend so heavily on the state that it makes up a third of their retirement income."
Smith-Hughes (pictured) added beginning to save for retirement was essential to maintain their standard of living in retirement.
"Seeking early advice from a financial adviser should also be a prerequisite to helping people achieve the level of retirement income they want and need," he said.
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