UK Money News
3rd July 2008
Retirement costs rising
The cost of funding retirement is growing in line with higher life expectancy, a new study has found.
According to research from the Centre for Economics and Business Retirement (CEBR) and Life Trust, at current levels a typical household will require £413,000 to retire on should they finish work at 65 and die at 85.
This sum deemed to cover housing, leisure and clothes.
However, with people living for longer the amount needed is set soar with some facing bills of up to £1 million, it is claimed.
Andy Briscoe of Life Trust said: "People are living longer, healthier lives. This is great news, but only if they have the finances in place to really enjoy their post-career years.
'The combination of rising life expectancy and the impact of inflation over time can have huge financial implications, and for the first time we can see the scale of these trends."
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