Someone who celebrates their 65th birthday in 2014 will typically live until they are nearly 85, according to official stats.

But they will need a pension pot of around £121,000 to maintain an average income of £15,800 for those 20 years, pensions firm Prudential has calculated.

So how much do you need to save each month to achieve this goal?

Figures are the net contribution required by the saver before pension tax relief at source has been applied, and assume the saver qualifies for the full state pension. Source: Prudential

The figures are achievable, but it’s hardly small change and will serve as a stark wake-up call to many. The numbers illustrate that the earlier you start, the easier it will be to find the money to put away.

Of course, those who live longer will need more. Adding just another five years on to your life, to live until you are 90, will mean another £18,000 needs to be in the pot if income levels are to be maintained, according to Prudential.

“The changes to pensions, savings and the rules around taking a retirement income that were announced in the Budget in March are good news for savers and retirees because they now have more choice,” said Vince Smith-Hughes, retirement income expert at Prudential.

“But if retirees choose to draw income directly from their pension fund, they need to consider if it’s sustainable to take that level of income over an extended number of years.

“It is also important for people not to overestimate the value of the State Pension as a fall back should they exhaust their retirement pot. The State Pension alone is well below the income level most people estimate they’ll need for a comfortable retirement.”