More than £1m needed for perfect retirement

Research by low-cost life insurance provider FiftyLife, which surveyed 2,000 over-50s on their future plans, has revealed that elderly Britons can be expected to need over a million pounds (£1,167,300) for a comfortable retirement - a figure that, when combined with the full state pension, would equate to over £55,000 a year from the age of 65. However with the average pension pot totalling at £50,000 - enough to produce an average annual income of just £2,500 for someone retiring at 65 - plus a full state pension of £164.35 a week, a typical retirement fund is expected to be an annual i...