Running out of money in retirement was less of a problem in the days when pensioners were forced to buy an annuity paying a guaranteed income for life.

That obligation was scrapped in 2015's pension freedom reforms, which liberated the over-55s to draw cash from their pension pots when they chose.

Today, the majority leave their money invested in drawdown at retirement, in the hope of benefiting from stock market growth.

That's what I plan to do.

Drawdown is far more flexible than buying an annuity but it's also riskier. Volatile stock markets have hit pension values while the cost-of-living crisis has forced many Britons to dig deeper into their depleted pots.

Life expectancy has dipped slightly but many will still live for longer in retirement than they expect, and their savings won't last the course.

Money Minder managing director Ray Black said pensioners run the risk of running out of money altogether with years to go. “They will still have the state pension but that’s nowhere near enough to maintain the same standard of living.”

As well as everyday spending, pensioners will want to pay for home improvements, cars and holidays after retirement, too, Black said, putting more pressure on their savings.

He urged everyone to regularly review their pensions and investments to see whether they are putting aside enough.

Many will fall dangerously short.

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