By Elliot Wright, 14th January 2010
Pensioners have to shell out an extra £429 to maintain the
standard of living they enjoyed just one year ago, MGM Advantage
has revealed.
The retirement income specialist said that the cost of living
for a household where the main occupant is aged 65-74 is now
£23,106 - an increase of 1.89% on last year.
For households where the main occupant is over 75, expenditure
has gone up by £225 to £14,926 - a rise of 1.53%.
The cost of living for an average home has risen by £670 to
£36,888.
The figures are based on how different households spend their
annual budgets and changes to the cost of goods and services
between October 2009 and November 2009.
The areas of expenditure that have seen the biggest increase in
cost over the past 12 months include transport, household goods and
services and recreation and culture which have risen by 6.9%, 3.5%
and 2% respectively.
In light of ever-increasing costs, the group is urging people to
ensure that they are receiving the best annuity considering their
circumstances.
Aston Goodey, Sales and Marketing Director of MGM, said: "Many
retired people have had to endure a rise in their cost of
living. This, coupled with the fact that people are generally
living longer is placing considerable pressure on retirement
income. All the more reason therefore to shop around for the
best annuity, and seek financial advice to ensure you achieve the
best possible income in retirement.
"If you are entitled to an enhanced annuity for example, our
research shows that, depending on your medical condition, you could
on average achieve around 22% more income."
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