Bare necessities of life cost a pensioner £10,000

 

Simon Read
Friday 04 July 2014 23:52 BST
Comments
Food is pensioners' biggest cost: they spend £1,563 a year on groceries
Food is pensioners' biggest cost: they spend £1,563 a year on groceries

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."

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in