Pensioners now have to spend £10,387 a year on basic necessities such as food and fuel. new figures published today reveal.
But the cost of being a pensioner varies wildly across the UK, with those in Wales having to stump up around £3,000 less than retired people in the South-East.
The research shows that food is pensioners' biggest cost: they spend £1,563 a year on groceries. Housing and fuel account for another huge chunk of their annual living costs, at £1,485.
"The basic cost of being a pensioner, at more than £10,000, will come as a considerable shock to many, and those approaching retirement must be aware of the need to plan carefully," said Dean Murfin of Key Retirement Solutions, the firm that conducted the research.
"Where people live is also a major factor as the difference of more than £3,100 a year – or 35 per cent – between Wales and the South-East shows."