Having a constant stream of regular income to cover essential needs is the top priority for over 50s, with 84 per cent rating this as very important.

Ensuring savings last throughout their lifetime is the second highest priority, with 77 per cent of respondents rating this as very important.

Having enough funds to pay for medical costs and aged care is the third most important factor, with 71 per cent rating this as important.

Chair of retirement income at Challenger, Jeremy Cooper, said these results debunk the myth that bequests are the top priority for retirees.

“The need for regular income to avoid running out of money, and to pay for aged care and medical costs, is far more important for older Australians,” said Mr Cooper.

National Seniors research director John McCallum said bequests are not central to planning for their retirement and senior Australians “are weighing these up against other trade-offs they must make to deal with longer lifespans”.