The traditional source in times like these has been equity income, and in particular UK equity income, with the likes of Vodafone, BP, Shell and HSBC helping boost people’s retirements with their regular dividend payouts.

But recent research from the Capita UK Dividend Monitor shows that in the third quarter of 2014, UK dividend payouts stagnated, posting a year-on-year rise of just 0.2 per cent.

Justin Cooper, chief executive of shareholder solutions, part of Capita Asset Services, notes: “We always expected 2014 to be a year of slow growth for dividends, but it’s rapidly turning into a year of no growth.

“In real terms, underlying dividends paid are going to fall this year. Just as firms have disappointed the stockmarket with weak earnings, so they have provided a poor showing for dividends too.”

So, with UK equity income looking dire as we head towards the end of the year, where exactly should investors be turning in their search for a steady income stream?

In spite of what some people might think, income does not start and end with the UK. There is a growing universe of global income opportunities on the equity side, with even the emerging markets, a place often overlooked in this context, delivering $29.4bn (£18.3bn) in dividends in the second quarter of the year.

But equities are not the only asset class to deliver income. Fixed income may have had a challenging time, particularly in terms of government bond yields, but there are still pockets of opportunity within the bond space.

Meanwhile, investment trusts have a clear track record of delivering stable and increasing dividend growth, with 16 investment trusts increasing their dividend for more than 25 consecutive years, according to data from the AIC.

Alternative options for income, however, involve moving away from the mainstream into perhaps uncharted waters, with the increased use of collateralised loan obligations (CLOs), asset backed securities, absolute return offerings, property and infrastructure.

With the pension changes in April 2015 expected to lead to a significant boost in the demand for income, it is important that investors can cast their net as wide as possible in order to get the best result and not be blinkered by the traditional income sources of the past.

Nyree Stewart is features editor at Investment Adviser