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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
