'RETIREMENT we could need £1m'

Independent on Sunday, 6th July 2008.

'The average retired couple today need £413,000 to see themselves through their old age, according to a report by Life Trust Insurance. But that figure could soar.

The survey says life expectancy is rising significantly from the current averages of 88 for a woman and 85 for a man. People may need £700,000 should they retire at 65 and live to 100.

Meanwhile, the £413,000 figure is based on average inflation of 2.3 per cent. But if the cost of living stays at today's level and the retiree lives to 100, he or she will need £1m.'