The average annual income needed for a comfortable retirement is £25,783, according to Towry.
The firm surveyed over 2,000 people and found, for a non-smoking male aged 65, this would require a pension fund of £616,000.
This would mean an annuity of £33,776 per year which would equate to income of £25,783 after tax.
Only 27 per cent of over-55s questioned said they had achieved a level of savings that they were confident could fund their retirement.
Some seven per cent of people said they were delaying their retirement due to lack of funds.
Katie Turner, head of wealth advice at Towry, said people could have trouble maintaining their current lifestyle in retirement without adequate savings.
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She said: "The sheer scale of how much you need to save in order to provide the standard of living you would like in retirement may well shock some people, especially in the current low interest rate environment.
"It is especially critical for those who are over 55 and hoping to look towards accessing their pension fund in the coming years, to be in a position where they can feel comfortable heading into what is hopefully going to be a long retirement period."