It has been revealed that the average cost of retirement in the UK is £413,000, according to the first Cost of Retirement report by Life Trust Insurance. Calculating an average life expectancy, an estimated rate of inflation and the typical weekly spend of a 65 year old; the report warns that this figure could easily double if you are the one in seven people who are predicted to live to 100.The Chief Executive Officer of Life Trust said: "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. 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."
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