Debt help news: Rising cost of living puts 'pressure on pensioners'

14/01/2010

The rising cost of living means that pensioners will need to find an extra £429 a year to maintain their lifestyle, a pension income provider has advised.

MGM Advantage found that rising costs of transport, household goods and services and recreation and culture were the main cause of the increase in expenditure.

Aston Goodey, sales and marketing director from MGM Advantage, commented: "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."

She added that an enhanced annuity could, depending on your medical condition, entitle you to around 22 per cent more income.

For a home in which the main occupant is between the ages of 65 and 74, MGM Advantage estimates an annual expenditure of £23,106, an increase on last year's estimates of 1.89 per cent.

Tags; Retirement Money Problems,

• Share
• 
• 
• Store
• 
• Follow
•