Retirement 'costs £413,000'

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Retirement costs the average household in the UK £413,000, according to new research.

Figures released by Life Trust, which have been created to predict the amount of retirement provision needed, revealed that pensioners living alone also need £326,000-worth of savings.

The study also warned that as life expectancy is expected to rise in the future, the amount that people will need to save for retirement is also set to increase.

Andy Briscoe, chief executive officer of Life Trust, said that increased longevity is only good news if people 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 this report allows us, for the first time, to see the scale of these trends," he added.

Last week, Donna Bradshaw, financial planning strategist with IFG Financial Services, said that people in the UK are not putting enough money away for their later years.

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