Where I live, Finland, a "President" is the official title for former presidents (there are now three alive) so I should actually address them as such. The current one is formally referred to as "President of the Republic". I can't really check how this is with Russia.
I'm not convinced. Multiple other sources say you retain the title for life and also recommend addressing the person as such. Obviously it's a matter of etiquette and not right or wrong, though.
http://emilypost.com/advice/addressing-a-former-president-of...