Two-fifths, 39%, of people say a guaranteed income would be their main priority in retirement.

One in ten, 10%, say they need their income to keep track of inflation.

In a study for Hargreaves Lansdown, a further 10% of people said the opportunity to grow was key.

Some 7% wanted the flexibility to take more income as needed while 6% said they wanted to pay as little tax as possible.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “A guaranteed income is our top priority as we enter our retirement years. This is understandable – we don’t know how long we are going to live, and we want to be able to plan our lifestyle with some degree of certainty.

“Some people will receive this in the form of a defined benefit pension but given that these are rapidly disappearing we are seeing annuities become increasingly important.”

She pointed out that annuities are enjoying a resurgence in popularity off the back of rising incomes.

The most recent data from the HL annuity comparison service showed a 65-year-old with a £100,000 pension could get up to £7,793 per year with a single life level annuity with a five-year guarantee.

That is close to all-time highs and means that annuities are being used by a wider range of people, Ms Morrissey said.

Recent HL data shows that in the first six months of 2025 the average fund used to purchase an annuity was £162,729. That is up from £62,301 in the first six months of 2021. Ms Morrissey said: “This busts the myth that annuities only appeal to those with smaller pensions as those with more put aside make use of annuities as part of their retirement strategies.”

Having an income that rises with inflation was highlighted as a key priority for 10% of people, who could do that either through an inflation-linked annuity or remaining invested in the markets through income drawdown.

Flexibility was also key, with 7% saying they want the ability to take more income as needed. Income drawdown will allow them to do that.

• Survey of 2,000 people carried out by Opinium on behalf of HL in May.