Lee Melling, a financial wellbeing expert at caba, described the proposed age increase as “concerning” but reminded people that it will push them to “be proactive” with their retirement savings.

He explained: “By seeking out available budgeting tools, professional advice and maintaining a long-term perspective, we can take steps to feel more confident and secure about our pension pots.

“But what are some of the other things that you can do to supplement your retirement income?

“We should all be able to enjoy our retirement and there are some small ways to make your money go further and boost your income later in life.”

One of Mr Melling’s first recommendations is creating a pension planning checklist which will allow households to plan their desired retirement lifestyle against their financial commitments.

Furthermore, this will encourage savers to make the necessary expenditure cuts to make their savings go further.

“Living on less money inevitably means you will have to review your lifestyle. Even small savings in your expenditure will contribute to an overall reduction in outgoings,” the finance expert claimed.

As well as this, he called on savers to look at what kind of pension plan and savings account they are putting their cash into.