Half of over-55s are worried their pension savings won’t last until they die, new research reveals.

Just over a quarter believe they have saved enough to see them through retirement while the rest don't know, according to the survey by Oxford Risk.

Its study revealed a high level of uncertainty about how to afford old age even though nearly a third of those polled had a final salary pension.

These provide a guaranteed income from retirement until you die, but they have been almost entirely phased out in recent decades if you work in the private sector.

Outside the public sector, an increasing number of workers are only likely to have small final salary pensions from early in their careers, which wouldn't generate sufficient income to cover their needs without other savings, or none at all.

> What to do if you fear your pension will fall short: Find out below

Some 50 per cent of over-55s surveyed said they had modern defined contribution pensions, which take contributions from both employer and employee and invest them to provide a pot of money at retirement.

But these are stingier and savers bear the investment risk rather than employers during working years.

Most continue to invest defined contribution pots through retirement too, rather than buy a guaranteed income via an annuity, with the risk that they could run dry.

Oxford Risk asked people whether they were comfortable with the risk associated with having their pension invested in the stock market after retirement, and got a mixed reaction.

Some 31 per cent were relaxed about the idea, but 34 per cent were not and 35 per cent did not know.

Meanwhile, some 70 per cent of over-55s said they would receive a state pension or already do so, which at the current full rate provides £11,500 a year until you die.

The percentage with a state pension might be higher in reality, since some younger workers could be unaware they contribute to one automatically via National Insurance contributions deducted from their salary.

But the survey did show 86 per cent thought it was important to have additional sources of income in retirement besides the state pension.

Some 20 per cent of over-55s surveyed said they had a Sipp (self-invested personal pension), and Oxford Risk said this group showed the most financial comfort with how they plan to fund retirement.

The firm, which specialises in behavioural finance and related technology, found 12 per cent were concerned enough about their finances in retirement that they thought they might have to rely on their children for support.

However, 67 per cent were not worried about this, while 21 per cent didn't know.

Just 5 per cent of those polled said they had no pensions at all.

Oxford Risk surveyed just over 1,000 people aged over 55, who were weighted to be representative of the adult population of Great Britain.

Dr Greg B Davies, head of behavioural finance at Oxford Risk, says: 'People approaching retirement face a series of critical decisions that will shape their lifelong financial wellbeing, and it’s clear that many feel confused and uncertain about their options.

'The biggest concern for many is ensuring their savings will last throughout their retirement.'

Five tips if you're worried about retirement savings 

Davies offers the following tips to people who are worried about their savings running out.

1. Understand what you have: Take stock of all your pension pots, savings, and the state pension. Knowing what you have and how it aligns with your goals is key to building a secure retirement plan. 

2. Balance certainty, growth, and protection: Choose an investment strategy with a risk level that fits your needs and consider adequate health and life insurance. 

These safety nets can provide the confidence to invest and spend wisely in retirement. 

3. Get invested: Leaving surplus cash idle can cost around 5 per cent or more annually over the long term in lost returns. 

Start early and take steps to overcome the behavioural barriers to investing—it’s worth it in the long run. 

4. Stay invested: Avoid emotional decisions and resist the urge to meddle with your investments. Staying the course is essential for achieving long-term growth. 

5. Explore retirement strategies: Consider all your options—drawdown, annuities, or a mix of both—and factor in tax implications. 

Personalised advice can help you make the best choice for your circumstances. 

How to sort out your pension if you fear it's falling short

1. If you are worried about whether you will have saved enough, investigate your existing pensions. Broadly speaking, you need to ask schemes the following questions.

- The current fund value.

- The current transfer value - because there might be a penalty to move.

- Whether the pension is in a final salary or defined contribution scheme. Defined contribution pensions take contributions from both employer and employee and invest them to provide a pot of money at retirement. 

More generous defined benefit - career average or final salary - pensions, provide a guaranteed income after retirement until you die. 

- If there are any guarantees - for instance, a guaranteed annuity rate - and if you would lose them if you moved the fund.

- The pension projection at retirement age. You can use a pension calculator to see if you will have enough - these are widely available online.

2. You should add the forecast figures to what you anticipate getting in state pension, which is currently £221.20 a week or around £11,500 a year if you qualify for the full new rate. Get a state pension forecast here.

3. If you are tempted to merge your old pensions, read our guide first to ensure you won't be penalised.

4. If you have lost track of old pots, the Government's free pension tracing service is here. Our retirement columnist, Steve Webb, has a guide to finding lost pensions here.

Take care if you do an online search for the Pension Tracing Service as many companies using similar names will pop up in the results.

These will also offer to look for your pension, but try to charge or flog you other services, and could be fraudulent.