New research suggests only nine per cent of people in London are ready for their planned retirement date.

The study by insurance company, Aegon UK, compared peoples’ expectations for retirement with their likely reality.

It discovered that on average, people in London and the south-east will fall £44,000 per year short of their expected retirement income – nearly twice the national average of £24,000.

The survey, of 4,000 people, also found 41 per cent of people in the area have never checked the performance of their existing retirement savings.

Most worryingly, people in the south-east have hugely inflated income expectations, hoping to see £57,000 per year in retirement, desperately short of the £13,000 they are likely to receive.

Aegon has launched a digital service called Retiready, designed to help people consider their retirement ambitions and understand if their overall readiness for retirement is on track.

Visit retiready.co.uk