Over 65s hold nearly five times as much wealth in property as they do in pensions, according to OneFamily.
Data released by the financial firm shows that UK pensioners have £1.6tn in property wealth, compared to £336bn in pensions – for every £1 in pension savings, over 65s have £4.70 in property wealth.
According to Onefamily the average pension pot value by retirement is worth £28,000.
However, the firm adds, one in eight people retired without any private or company pension savings at all last year.
The figures show that 19 per cent of over 50s intend to use their property as a means of funding their retirement, either by downsizing, making buy-to-let investments or unlocking the capital in their properties through lifetime mortgages.
In 2018, nearly £4bn was taken out in property equity, up from £3.06bn in 2017.
OneFamily Lifetime Mortgage managing director Nici Audhlam-Gardiner comments: “As these numbers show retirees will need to look to new sources outside of their pensions for retirement funding.
“With the value of property having risen over many years, it’s no wonder that homeowners are turning to this source of income to fund their later years.”