Rising bills mean older homeowners will need an annual retirement income of £35,196 – more than ­double today’s average of £17,212 – to stay afloat, it argues. 

But they are facing an average £17,984 ­pension shortfall, according to the research. 

Savings are being stifled by increased living costs, ongoing mortgage commitments, paying for dependents and earning less money. 

One in six homeowners aged 55 or over plans to draw on their pension savings early.

Property equity is worth an average of £88,290 – equal to 12 years of state pension payments, the report points out. 

Yet just one-in-five older home­owners who have sought information, guidance or advice on later life finances considers putting their home into hock with a finance company to access their property wealth as an option. 

Now experts are calling on the Government and the pensions industry to work together to include ­property wealth in pension planning. 

Former MP David Burrowes, now chairman of the Equity Release Council, said: “With the UK’s population ageing rapidly, the scale of this issue is only set to become greater. An ­increasing number of consumers must make their pensions savings last over longer retirements. 

“Our report calls for property wealth to be better considered and integrated into the advice process.” 

The report, jointly published with equity release specialists Key, found pension income growth has stalled, increasing by just £7 a week over the past decade. 

Will Hale, chief executive at Key, said: “The report suggests that we should be asking how can we use all our assets to help us achieve our wants and needs in later life. 

“While even the boost provided by using residential property, investment and savings as well as pensions might not help everyone achieve a retirement income of over £35,000 – which is higher than the average UK salary – it will certainly help.” 

Yorkshire and the Humber is home to the greatest shortfall at £27,723 between what older homeowners anticipate needing and the retirement income they are likely to achieve. That is followed by London (£19,856) and the South-west (£19,531). 

The Equity Release Council and Key want a cross-party commission set up to address retirement challenges.

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