Cost of retiring: £400,000
The average pensioner will need a total of £400,000 to live on in their old age, claims a retirement and housing specialist.
With people living longer Economic Lifestyle research predicts men will need at least £365,000 and women £435,000 to live comfortably when they finish working.
The finance firm used government statistics on basic life expectancy figures and assumptions about average expenditure for pensioners that showed a woman retiring today at 65 can expect to reach her 89th birthday and the average man will survive to the age of 86.
Over 60 per cent of the average amount per person will come from benefit income and 23 per cent from occupational pensions.
Mark Neal from Economic Lifestyle, commenting on growing life expectancy figures, said: "This can put a growing strain on our finances, which means that many find it difficult to make ends meet."
Over two million pensioners believed to be living below the poverty line in UK today.
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