People over 50 with 12 months left to live would prioritise arranging their funeral and spending time with family and friends while the under-50s would go on a cruise.

The UK’s ageing workforce is in crisis as most are in the dark when it comes to knowing the true cost of retirement and how much they need to save, says a survey by Aviva.

Consumer research by a financial provider has found that eight out of ten over-50s (78%) “significantly underestimate” how long they are likely to live - a gap that means many could run out of pension cash.

The retirement prospects of millions of over-50s rely on downsizing, an inheritance or a lottery win, according to new research.