Millions of workers fear their pension pots will not be enough to live off when they retire, research has found.
The soaring cost of living means 26 per cent of savers think their current retirement nest egg will not pay the bills in later life.
The Pensions and Lifetime Savings Association (PLSA) found those aged between 35 and 54 are most worried, with almost a third concerned how they will live without their salary.
This compares with 20 per cent of those aged over 55, the survey of more than 2,000 people found.
Spiralling energy bills, a hike in National Insurance and soaring inflation are fuelling concerns, the association said.
It is calling for an increase in automatic enrolment contributions to workplace pensions.
Private workplace pensions automatically kick in when you're earning over £10,000 and aged 22 or above.
Eight per cent of your salary must be paid in each year - at least 3% of this must be from your employer.
Experts say the Government should increase these contributions to 12 per cent by the early 2030s. Nigel Peaple, director at the PLSA, said: "We have argued that current contribution levels are not likely to give people the level of retirement income they expect or need.
"As the Government seeks to level-up the economy, narrowing wealth disparities between regions and different demographics, we think now is the right time for the Government to commit to levelling up pensions."
The current Retirement Living Standards report says a single person will need about £11,000 a year to achieve the minimum living standard.
This would be made up of the state pension and a £30,000 workplace pension pot.
A moderate standard of £20,800 a year would need a workplace pot worth £270,000.
A comfortable £33,600 a year would need a £590,000 workplace pot.
But how much should you be saving at each stage of your career?
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown told The Mirror: “In an ideal world everyone would start contributing to a pension at age 22 and not stop until they hit retirement age, but we know this is rarely the case.
"If you start contributing later then you need to contribute more to your pension to make up the difference. The auto-enrolment minimum contribution of 8% is a good start but if you want a decent retirement income the reality is you probably need to be saving more like 12% per year from the start of your career to achieve that."
One way to calculate how much you should be parting with is by doing a simple age calculation.
Morrissey explains: "The idea of contributing half your age i.e. contributing 15% if you start a pension at age 30, 20% if you start at age 40, is a good rule of thumb."
Talking about contributing 15-20% of your wages to a pension may sound daunting but it’s vital to remember that this amount includes pension tax relief and your employer contribution as well as your own money.
"You may find that your employer is also willing to increase their contribution if you increase yours – the so-called employer match – and this can really boost your contributions so it’s well worth checking to see if your employer does this."
But it’s important to remember everyone’s goals are different.
"The amount you need to put by differs depending on what kind of lifestyle you want and when you want to retire.
"Taking ownership of your retirement planning is important. Think about what you want from retirement and then use a pension calculator on a regular basis to check if you are on track. Increasing your contribution every time you get a pay increase is also a good idea."
Consumer expert Martin Lewis has also spoken on this calculation too. By doing so, you're aiming for two thirds of your final salary each year after you retire.
"To do this, you need to take the age you start contributing, half it, add a percentage sign, and contribute that much each year for the rest of your life."
For example, if you start contributing at the age of 30, you'll need to pay in 15% a year for the rest of your career.
"But of course the earlier you start contributing to your pension the less of your salary you'll have to part with.
"Even just £20 or £30 a month will compound over the years to give you a much better savings pot come the age of 55."
Pension contributions are also tax-free – another incentive to get you saving.
"The average worker pays 20% tax - so for every £100 you earn, you take home £80. However, with pension contributions, you get the full amount, meaning you actually get a small pay rise by putting cash away each month,” Martin added.
"This money is then invested in the stock market, a pension fund or an alternative investment over the course of your working life. The earlier you start, the more it can grow - but you can't touch it until you're 55."
Anyone seeking further advice on pensions can contact the government's Pensions Advisory Service free of charge.
Remember, pension cold calls are illegal. If you receive an unexpected call, email or message from someone offering pension support, report it to Action Fraud.
