The weekly income gap between pensioners and the working-age population has narrowed to 8% over the past two decades, according to official figures.
Data from the Department for Work and Pensions (DWP) showed the gap has fallen 30 percentage points since 1995 as pensioner incomes grew 64% over that period, compared to 9% for working age incomes.
And although pensioners' median net incomes have ballooned 250% since 1979, those in the top 20% have four times more income than those in the bottom fifth.
The analysis - the Pensioners' Incomes Series - found around 40% of pensioners received more than half of their income from private sources like occupational schemes and investments.
The average weekly income, which was assessed across both single pensioners and couples, was £487. Occupational schemes accounted for £138 of this, while benefits including the state pension contributed £209.
Just Retirement director Steve Lowe (pictured) said the figures suggested pensioner incomes were moving in the right direction as baby boomers took advantage of private pension saving.
But he added: "The survey does highlight one challenge of ageing - the fact that income levels tend to drop off as people move through retirement.
"The average household income of £348 for the recently retired, falls to £327 for those aged up to 75 and to £247 for those over 75 (after housing costs).
"Older pensioners in couples are far more likely to be in the bottom fifth of UK incomes compared to younger pensioners."
The research follows figures from the Office for National Statistics (ONS) earlier this week, which found workplace pensions were seen as the "safest" way to save for retirement.
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