People approaching retirement age are much more concerned about running out of money than those already retired, according to research.

A report from Scottish pension firm Aegon reveals that the "golden age" of pensions means retiree incomes are now almost equal to those of the working population, however the next generation of pensioners fear they may not be as well off.

The research shows that there is now just a 7 per cent difference between pensioner and worker incomes, with weekly earnings for pensioners rising from £155 per week in 1995 to £297 last year.

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However, of those questioned aged between 50 and 64, more than half (57 per cent) are worried about their financial future.

This compares to just 37 per cent of over 65s.

Steven Cameron, pension director at Aegon, said: “The rise in pensioner wealth over the last few decades has been remarkably positive, with retirees now enjoying income levels after housing costs almost equal to those of working age.

"This is largely thanks to generous Defined Benefit (DB) schemes, recent above inflation increases in state pensions, and a growing cultural acceptance of working later in life.

"But the question is whether we have reached a tipping point, with gold-plated DB pension schemes largely being phased out, and the future of generous state pension increases also called into question.

"Those approaching retirement could be setting false expectations if they want a similar level of comfort in later life to that of their parents or recently retired friends."

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The research by the Edinburgh-based firm also shows that around 90 per cent of those aged between 45 and 65 - usually seen as peak 'disposable income' years - feel unable to save as much they would like due to high living costs, mortgage repayments and family commitments.

There is also concern over the uncertainty in increases to the state pension, while few private sector employees offer pensions that guarantee a proportion of final earnings for life.

While more than six million people are now saving into an auto-enrolment pension, these are seldom as generous as the schemes they have replaced.

Mr Cameron added that with the decline of more generous pensions, people should be looking to savings to help them through retirement.

He said: "Auto-enrolment is an important first step, but won’t be enough to replace the generous retirement incomes historically provided by employers and there needs to be more of a focus on getting people engaged with their savings.

"It’s also important we stop looking at retirement in black and white terms, with individuals either in work or retired and as a society find roles for older workers and encourage flexible working from 65 and beyond for those in good health too.

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"While there are many challenges ahead, the rise of pensioner wealth has been remarkable and the good news is people are living and staying active longer, which will provides an opportunity to rethink traditional views of retirement."