The amount retirees need to have in the bank to secure a comfortable life is rapidly increasing as the cost of living rises, spurring warnings from financial experts.

The amount needed has jumped 7.7 per cent in the last 12 months, exceeding inflation.

Finance guru Scott Haywood told Millsy and Mick on 6PR Breakfast there were a number of factors involved in ensuring your retirement savings would be able to support you.

“Spend it while you can and transition, and of course make the most of putting money in to superannuation which is taxed at just 15 per cent if you earn less than $200,000,” Mr Haywood said.

Press PLAY to hear more tips on ensuring a comfortable retirement