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Newsletter

Living longer 'can prove expensive'

By Tom Farley, Thu 3 Jul 2008 - Published in Pensions

People who have not started contributing to a pension scheme may be concerned to hear that retirement in the UK costs a typical household £413,000 while an individual living alone can expect to shell out £326,700.

A report by Life Trust Insurance warns people need to take account of increasing longevity when starting to consider how they will fund their old age.

The research found someone who lives to 100-years-old can expect to spend £708,500 during their retirement.

Andy Briscoe from Life Trust said: "With 90 becoming the new 70 in terms of healthy ageing, it has never been more necessary for the industry and individuals to understand the true cost of modern retirement."

According to the report taking early retirement at 50-years-old costs an additional £373,300.

Meanwhile, Help the Aged has advised that once you have written a will it is important to review it "at least every five years".