Figures that have been released recently make frightening reading. The image that we all have of retirement is one of long holidays, nice walks through the countryside with angelic looking grandchildren and warm fires burning in the winter. However the figures which were released show retirement could be all about staying in, staying warm and looking for other ways to make money.

For a typical 20 year retirement, this would cost a couple more than 400,000 pounds, new research has found. This 413,000 pounds price tag is the cost faced by a household that is headed by a man who stops work at 65 and lives to the expected age of 85.

The research found, for an average pensioner household, it put the price of living at nearly 400 pounds a week. The amounts that retired people need are been pushed up as inflation rises along with the increase in life expectancy. The forecasters who produced these calculations for Life Trust Insurance found costs could be much higher for some.

A pensioner who lives until 100 years of age will see their retirement spend nearing the 1 million pound mark. This is based on inflation running slightly above the current level. These estimations are far higher than the level of savings or pensions available to most people. The current average pension pot is enough to generate 1,250 pounds per year; however, many people have more than one pension.

The minimum income guaranteed through Pension Credit is 189 pounds and 35 pence a week. 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.’ The average income of a pensioner couple in 2006 was 487 pounds a week. The report, produced for the company by the respected Centre for Economics and Business Research, said there will be big increases in life expectancy.

It is great news that a person now aged 55 has a one in four chance of reaching 95 but that is a great many years to fund. As people age their spending patterns change. A couple that has just retired will spend most of their income on holidays and going out. This is then followed by transport, food and then soft drinks.

This changes again by 85, a proportion still goes on leisure and enjoyment but the biggest share of income goes on housing, fuel, power and food. At 95, housing, fuel and power account for more than 100 pounds a week, while less than 50 pounds is spent on going out and recreation. The report said the peak age for spending is 92.

After reading these figures perhaps it is time to start thinking about some provision for your own retirement. There is no point worrying about it at a later date as that will not do any good. You need to plan for the future now.The Life Insurance Bureau provide great deals on Life Insurance for its clients in the uk. Please visit our site for helpful information to aid you in making the right decision, first time. Brokers Online offers cutting edge articles and information about Life Insurance, mortgages and other great financial products.