Once these points are considered, then individuals can also check if they have any other forms of income later down the line.

This could, for example, be in the form of an expected inheritance, or pension plans, ISAs or investments.

Step three is for a person to calculate their estimated annual income which can then stretch over their entire retirement.

Mr Hampton continued: “Once we’ve added up the various sources of income and savings, it’s time to give an estimate of the income they may expect.

“There are online calculators that can do this, but most will focus on your main pension pot alone – and don’t consider things like the state pension, or other savings and part time work which can make such a difference to what is possible.”