Increased lifespans mean people need to have more in their pension pot to provide for their retirement.

Figures from Prudential show that UK residents retiring this year will require a total lifetime income of at least £130,000 on top of state benefits to cover them for their retirement years.

And this situation is set to become worse over the next 15 years as the proportion of pensioner income that state benefits make up drops and average lifetimes grow.

“Increasing life expectancy is a prize previous generations would have been delighted to attain. All of us today are lucky that we can expect to live longer, but it is essential that we wake up to the financial implications and ensure that we are able to enjoy our extra years,” said Prudential executive director Roger Ramsden.

A 65-year-old man can currently expect to live to 82, with women retiring at 60 living on until at least 85.

But with state benefits making up close to half of the average pensioner income of £12,500 a year, they will need about £6,250 a year from other sources to make up the difference.

To make up the difference the average 65-year-old man needs £106,250 to last until 82, with the average female needing £156,250 to survive until 85.

Additionally, Prudential calculates that the proportion of state benefits in pensioner incomes will fall from 50 per cent to 44 per cent by 2013/14, while official projections indicate expectancy will rise by another three years by 2020.

To produce an annual income of £15,000, a saver needs a retirement pot of £300,000 Prudential calculates.

The current average personal pension on retirement is £40,000, equating to an income of just £2,000 a year.