How much will you need to save for your retirement if you want to live on the equivalent of £20,000 a year for the rest of your life – and hopefully be one of the hundreds of thousands of people expected to live to 100?

The figure is a whopping £447,000 – and that’s on top of having all of your National Insurance Contributions in place in order to receive a full State Pension.

And if you think getting to 100 is pie in the sky… a woman aged 65 today has a one in 14 chance of reaching their 100th birthday, with men it’s a one in 20 chance.

However, future generations are expected to enjoy much longer lives: a 25-year-old woman today has an almost one in five chance of reaching 100, and a 25-year-old man one in seven.

The figures come from investment firm AJ Bell. Their £20,000 income projection is based on 5 per cent growth on the part of the pot that remains invested and not taken as income, with an annual uplift of 2% for inflation.

How much will you need to be tucking away to reach that figure?

To put £447,000 into your pension pot by 65, AJ Bell estimates that a 25-year-old today would have to save £235 a month.

Those who start saving at age 35 would see that leaping sharply to £428 – and for those who put off saving until the age of 45, it’s an eye-watering £859 a month… all assuming you stop earning at 65.

Tom Selby, senior analyst at AJ Bell, said: “The pension freedoms have created huge flexibility for savers to manage their retirement plans. This flexibility comes with added responsibility and in particular millions of savers now need to manage longevity risk in a way they might not have done pre-2015.”

How much will YOU need to save in order to enjoy the lifestyle you’re hoping for… for the rest of your life? It’s easy to find out with the RetireEasy LifePlan.

Key in your data and you’ll see at a glance just how you need to save – and how long your money will last. You can then try out different scenarios to check what would happen if your plans or your circumstances change.