Retirement is becoming more expensive, with the annual cost for a moderate standard of living going up by £8,000, according to the Pensions and Lifetime Savings Association (PLSA).
The price for a moderate retirement for a single person has gone up to £31,300 for 2023-2024 from £23,300, while couples would need £43,100, up from £34,000. Rising food and energy prices are the main contributors to the increase.
PLSA’s report further states that a single person will need an income of £14,400 for a minimum living standard, which is higher than the state pension’s forthcoming increase to £11,500.
My Take…
That is a huge jump!
These sort of massive increases will force more and more retirees to look at different destinations in order to lower their cost of living.
These sort of massive increases will force more and more retirees to look at different destinations in order to lower their cost of living.
For more details click on the link:
https://uk.finance.yahoo.com/news/pensioners-retire-comfortably-093851213.html
