Annual cost of being a pensioner revealed
A typical pensioner needs a minimum annual income of 10,830 in order to cover basic living costs, according to financial firm Key Retirement.
The good news is that s almost 800 lower than last May, when Key Retirement conducted the same research.
That bad news? It s 2,500 more than you will get from the Government, as the full State Pension adds up to just 8,296.60 a year.
The basic cost of being a pensioner at around 10,830 a year demonstrates the importance of saving for retirement and generating income on top of state pensions, says Dean Mirfin, technical director at Key Retirement.
Costs vary by location
One (drastic) option, if you are worried about your pension covering your living costs, may be to consider moving to another part of the country.
The research by Key Retirement found that it is 4,700 a year cheaper to be a pensioner in the North East than in London.
East Anglia is surprisingly expensive for pensioners with annual costs of around 11,750, whereas heading to Wales for your retirement would cut your annual costs down to 9,180.