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The national average cost of retirement has been found to be £11,830 a year, figures reveal.

That’s how much pensioners pay for basic bills such as food, clothes and utility bills, and on eating out and entertainment.

The weekly bill is £227.50 per person, 35% more than the full basic state pension of £168.60 – available to those who qualify.

This highlights how vital it is that people have other sources of income during retirement to ensure they aren’t forced to attempt to exist on the state pension alone.

The cost of retirement in the South East is £2,440 per year more at £14,270, while in the West Midlands it’s £1,550 cheaper at £10,280.

Equity release firm Key analysed the latest Government spending figures and found the two biggest weekly costs were gas, electricity and water bills, and food costs. Combined they account for 20% of spending – costing around £2,370 a year on average.

■ Analysis of the nation’s finances reveal the outlook is bleak for many people.

Three in 10 of us spent more than the income we received in the past month, while one in four of us do not have any savings to fall back on, according to research from insolvency trade body R3.

This follows data from the Office for National Statistics which showed households have been in a budget deficit for a record nine consecutive quarters (October 2016 to December 2018) and the average UK household spent £900 more than it received in income during 2017.

■ Competition in the easy access savings market continues with banks tweaking rates to stay at the top of the best buy table.

Some of the best rates include Virgin Money’s E-Saver at 1.5%, Marcus by Goldman Sachs online saver which pays 1.49%, and Paragon Bank, Sainsbury’s Bank and Tesco Bank which all provide an annual return of 1.45%