Marvin OnumonuMost adults over State Pension Age see the State Pension as an entitlement, with 94% saying so and only 4% viewing it as a benefit, according to research from Just Group.
Just Group found that 58% of people aged over 66 said the State Pension was affordable for the country in the long-term.
Only 18% disagreed, and 24% were unsure.
The State Pension is a key source of income for many, with 13% of over 66s relying on it for over 90% of their monthly household income.
Another 44% said it made up more than half their income.
When asked about the Triple Lock, 64% of over 66s said it was fair to older generations.
Only 16% said it was fair to younger generations, while 18% said it was not fair to any generation.
Stephen Lowe, group communications director at Just Group, said: “As a result of rising longevity and dropping birth-rates, it is estimated that a quarter of the UK’s population will be aged 65 or older by 2050.
“This means that the burden of funding the State Pension will fall on a shrinking proportion of working people.
“The State Pension Age review is due in the next 18 months, it appears that if the government wants to avoid increasing taxes or means-testing the State Pension then it may have to look at options either to increase the age at which people receive the State Pension or to moderate the amount paid.
Lowe added: “Neither of these are political vote winners – and as we have seen with the winter fuel and disability payments, once a benefit is introduced it becomes extremely difficult to reduce or withdraw that support.
“If the government does bring in changes to the State Pension – either to the amount or the age at which it is paid – then it makes sense for people who are not yet receiving it to build up some resilience against those changes.
“This is important because more than four in ten of current recipients tell us the State Pension accounts for the majority of their income and there is a significant proportion wholly reliant on it.”
He said: “Our own research also shows that more than six in 10 (62%) retire before they start receiving the State Pension, sometimes due to redundancy or ill-health.
“So if the government either limits the amount paid or pushes out the age at which the State Pension Age can be claimed, then some people will face a wider financial gap than they planned and will need to cover it from their own resources.
“One of the best ways for individuals to prepare for this possibility is to build up private pensions and saving.”
He added: “The additional income required on top of the State Pension to reach an acceptable minimum living standard – or even a moderate income in retirement – will be achievable for many people.
“The latest PLSA Retirement Living Standards show a couple where both are receiving the full State Pension will already meet the minimum income threshold.
“To bump that up to the PLSA’s moderate retirement living standard, they would need to create around £20,000 additional income per year combined, on top of the current full State Pension.”
He said: “There are a range of services that pension savers can turn to for help and guidance on whether they’re on track for the retirement they want.
“The government’s free, independent and impartial guidance services, Pension Wise and MoneyHelper, are good places to start.”
