Millions of pensioners are set to hit a financial breaking point far sooner than they realise.

New figures show the state pension falls short before the year is over, leaving retirees suddenly dependent on other income just to stay afloat.

Pensioners who rely solely on the full state pension are facing a growing income gap, with the annual payment falling £1,427 short of what is needed for even a basic standard of living.

The state pension currently pays £11,973 a year, while Pensions UK estimates that a single retiree needs around £13,400 annually to meet its minimum retirement living standard.

When that shortfall is spread across the year, it means the state pension would effectively run out by November 22. Retirement specialist Just Group has dubbed this date “State Pension Shortfall Day”, highlighting how early many pensioners fall behind on essential costs.

Analysis of Office for National Statistics data by Just Group shows the scale of the issue. More than 1.2 million retired households in the UK are now economically inactive and mainly dependent on state pension income.

This includes around 740,000 single pensioners and approximately 500,000 households with two retired adults.

The ONS defines a household as “mainly reliant” on the state pension when at least three quarters of its total income comes from the state pension or similar pension-related benefits.

Based on this definition, around 740,000 single retirees are currently exposed to the £1,427 annual gap between their state pension income and the minimum level required to cover basic living costs. For many in this group, returning to work is simply not a realistic option.

David Cooper, director at Just Group, said: “The data from the ONS highlights the significant number of pensioners who are mainly dependent on the State Pension and other benefits to support them throughout retirement.”