How much a person needs to retire will depend on individual circumstances, and where one lives will also affect the amount required
The most expensive and affordable places to retire in the UK have been ranked, with 14 out of the 20 most affordable places found to be in the North of England.
London was named the most expensive place to retire in the UK, with the cost of living before rent currently totalling £1,039 per person per month in the capital.
Those looking to retire in London would need to have an average retirement pot of £187,020 over 15 years post-retirement, or £423,912 if they live to 100.
Despite the North of England standing out in the top 20 most affordable places to retire, Leeds is the most expensive place to retire in the UK outside of London.
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The research, by money experts at the personal loan company Sambla, found the cost of living in Leeds is £843 per person per month before rent.
Retirees living in the city would typically need a retirement fund of £151,740, or £343,944 if they lived to 100.
The City of Westminster, Maidstone, and Birmingham made up the rest of the top five most expensive UK places to retire.
Sambla compared the cost of living before rent in the UK's top 100 most populated towns and cities, with the current retirement age of 66 and average life expectancy, to determine the most expensive and affordable places for Britons to retire in the UK.
The South East of England was found to be a particularly expensive part of the UK for retirement, with seven out of the top 20 towns on the list located there.
This includes Greater London, City of Westminster, Maidstone, Chelmsford, Eastbourne, Brighton and Worthing.
At the other end of the scale, St Helens was ranked as the most affordable place to retire in the UK, with a cost of living of £565 per person per month, before rent.
The retirement fund typically needed would be £101,718 or £230,561 if a person lived to 100, the money experts found.
With a cost of living of £583 per person per month before rent, Rochdale is the second cheapest place to retire, while Preston was just behind with £584.
