The cost of living for those who are retired totals £227.50 per week, equating to £11,830 per year, according to analysis by equity release provider Key.

The weekly bill of £227.50 per person, needed to fund the basics, is 35 per cent higher than the full basic state pension of £168.60.

Key found that the cost of retirement in the South East is 20 per cent higher than the national average and £4,000 higher than the West Midlands, where retirement costs total £10,280.

Retired people in the South East, South West, London, East Anglia and the East Midlands typically need to find more than the national average to fund their retirement, while the less expensive areas of the country include Wales, Northern Ireland and the North East of England.

Key’s analysis showed the two biggest weekly costs are utility bills – gas, electricity and water – alongside food – with both accounting for 20 per cent of spending. Both cost around £2,370 a year on average.

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Meanwhile, transport costs tend to eat up around 16 per cent of bills, while spending on entertainment costs accounted for 23 per cent of total expenditure.

Regional breakdown

The table below reveals the average retirement costs across different parts of the UK:

Source: Key