Retirement 'costs £326,700'
An individual living on their own in the UK needs around £326,700 on average in order to support themselves during retirement, it has been claimed.
A report carried out on behalf of the Life Trust found that increasing life expectancy means that a typical British couple will need close to £413,000 to cover their combined costs after they end their working lives.
In addition, ten per cent of people aged 55 are likely to reach three figures and could therefore need as much as £708,000 to support themselves for the rest of their lives.
The report from the Centre for Economics and Business Research suggests that anyone saving for retirement in 2008 needs to take account of the fact that life expectancies are likely to keep going up in years to come.
"People are living longer, healthier lives. This is great news but only if people have the finances in place to really enjoy their post-career years," said Andy Briscoe, chief executive of the Life Trust.
According to a recent Scottish Widows report, an increasing number of Britons are concerned that their efforts in saving for retirement will not be enough.
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