Calls are being made for the Government to create a Minister for Retirement after a report found that the retired population contributes £25 billion a year to the state and society through unpaid childcare, charity and voluntary work.
The Our Retirement Nation report, commissioned by MGM Advantage, found that a third of retired people feel that society treats them badly and only 14% of older people feel valued by society.
The document called for a greater recognition of the contribution of older people and said the Government should create the ministerial position to reflect their needs.
The report highlighted how retired people are collectively saving society £15.4 billion a year by taking on the unpaid care of grandchildren, parents and other family members.
In addition to this, retired people are undertaking voluntary work worth at least £5.6 billion a year and charitable work worth at least £3.7 billion a year, researchers said.
Craig Fazzini-Jones, executive director at MGM Advantage, said: "This report paints a wonderfully colourful picture of the rich diversity of the 11 million people who make up our retirement nation and why they deserve our respect and attention for the contribution they make to the society.
"However, it also portrays a worrying picture about how these people prepare for and fund their retirement and sends a clear message about our responsibility to do more to support our retirement nation."
The report, which surveyed more than 4,000 people in the UK, also found that a lack of money is the biggest worry for those approaching retirement.
Those in retirement feel they need an average of £98 extra per week to feel financially comfortable. Typically, retired people said they had £8,200 of personal debt.
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Pensioners have seen their incomes squeezed due to soaring fuel bills, while the Bank of England has kept the base rate at a historic 0.5% low, meaning they have had difficulty finding accounts to give them a real return on their savings.
Last week, the High Court upheld the Government's decision to use the consumer price index (CPI) rather than the retail price index (RPI), which tends to be faster-rising and includes housing costs, as a measure for pension increases.
Analysts said the move may mean a pensioner drawing £10,000 a year could see nearly £47,000 shaved off their pension pot.
The report also found that only 2% of retired people want to be referred to as old age pensioners or OAPs, with most preferring senior citizen (31%) or retired person (32%).
