Retirees should be taking the time to search out the best deals when they are buying products or securing services, one sector commentator has claimed.
A spokesperson for the charity Age Concern also added that older people should make sure they claim any money benefits or concessions they may be entitled to, in order to reduce their household outgoings.
"We would always advise people to start saving into a pension as early as possible in order to build up a decent retirement income and encourage those who have retired to make their money go further," the representative explained.
According to the Cost of Retirement report, issued by Life Trust Insurance, retirement in the UK costs a typical household £413,000 and costs an individual living alone £326,700.
The group warns that older people should take care to factor in increasing longevity when planning their retirement finances, with the cost of these years for someone who lives to 100 being £708,500.
Meanwhile, the Office for National Statistics states life expectancy in the UK to be 76.9 years for males and 81.3 years for females.