It was also found that over five million over-50s in the UK have not received any professional advice about their pension or other aspects of retirement provision.
Rodney Cook, life and pensions managing director of LV, said: "This research highlights how important the role of the independent financial adviser is in helping the over-50s in the UK to make the most of their money."
He added that it was "worrying" that many people had not taken advice, meaning they were unsure over legislation.
At the start of this week, LV launched a new flexible lifetime mortgage.
The new product offers people a 15-year guarantee on the maximum amount that can be drawn down, while its rate of 6.95 per cent is also fixed.
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