Working out when one can retireis largely determined by two factors: how much they have saved and what kind of lifestyle they want.

The earlier one retires, the more they will need to save to maintain a good standard of living.

Analysis for Wealth & Personal Finance by wealth manager Quilter finds that people need £163,000 more saved to retire at 55 versus 65 and lead the same lifestyle.

A single pensioner needs around £23,300 before tax to lead a moderate lifestyle, according to pension industry guidelines. This would afford them a two-week holiday in Europe every year and a car replacement every ten years.

The Pension and Lifetime Savings Association's Retirement Living Standards figures are widely used by the pensions industry as a measure of how much money people need in retirement to maintain their spending habits.

If people want to retire at age 55 with such a lifestyle, they will need £403,000, according to calculations by Quilter.

That assumes they receive half of their income from the full state pension once they reach state retirement age.

The full new state pension will rise to £11,502 in April, so people would need an income of just £11,498 from their private pension each year to achieve this.

The calculations assume one's investments grow by five percent each year and they live until the current life expectancy age of 86.

if people want a better standard of living in their final years, then they need to build enough pension and other savings to generate income on top of the state pension.

A single person needs £23,300 a year for a moderate retirement living standard, rising to £34,000 for a couple.

This would cover treats like the odd meal out and a Netflix subscription, but isn’t enough to be rid of money worries. To enjoy a comfortable retirement, a single person needs income of £37,300 a year, while a couple needs £54,500.

These figures underline why it is so important for the government to pay this year's state pension triple lock increase in full, and protect the mechanism in future.

Life is particularly tough for pensioners because the basics such as food and fuel rising faster than anything else, and this is what they spend most of their income on.

Ways to boost your pension:

• Consider consolidating existing plans
• Revisit your investment strategy
• Check the state pension forecast
• Use a pension calculator
• The value of advice