Retirement in the UK currently costs a typical household £413,000 and could rise to around £1m, a study suggests.
The Cost of Retirement report, issued today by Life Trust Insurance, also costs an individual living alone £326,700. But Life Trust insurance says current predictions of life expectancy – 85 for a man and 88 for a woman – are set to soar to around 100. It says retiring at 65 and living to 100 could see retirement costs climb to over £700,000 for most families and £1.55m for the wealthy, based on an inflation rate of 2.3%. Andy Briscoe, CEO of Life Trust, says: “People are living longer, healthier lives. This is great news but only if people have the finances in place to really enjoy thei...
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