The cost of sustaining a living for retired people has increased 45% over the past decade and is nearly double the average pensioners income, research indicates.
A new report compiled by UK pension specialist Key Retirement Solutions (KRS), reveals the average pensioner’s income has only risen by 26%, from £11,440 to £14,404, since 1994, well below the average increase of contents within the so-called retirees' ‘shopping basket’. While the cost of basic products such as food and prescriptions has only increased by 15.2% over the past ten years, the price of household costs including council tax and repairs/maintenance has skyrocketed to 101% and 88% respectively. Traditional retirement past times, including travelling and gardening have als...
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