Britons need to find an extra £1,222.66 to enjoy the same standard of living they had 12 months ago, it has been claimed.
The figure comes from income specialist MGM Advantage, which also revealed the extra amount retirees need to raise.
According to the study, people aged between 65 and 74-years need to find £774.70 per year to maintain their standard of living.
People added over 75-years were found to be in need of an extra £383.91.
Aston Goodey, sales and marketing director at MGM Advantage, said: "More needs to be done across the industry to improve the choice for people at retirement and we believe investment-linked annuities have an important role to play."
The rising cost of running a household in the UK could turn a number of retirees to schemes such as equity release to cope with their bills.
Such schemes can provide financial security to homeowners through cash taken from the value of their property.
