Debt management plans could help pensioners under financial pressure
Debt management plans could help pensioners under financial pressure
Wednesday 13th January 2010
Retirement income specialist MGM Advantage has estimated that the average retired household, with the main occupant aged between 65 and 74, will need to spend an extra £429 a year to maintain the same standard of living they enjoyed 12 months ago.
The cost of living for the average home has increased by £670, or 1.85 per cent, states the organisation, with the main increases being transport, household goods and services, and recreation and culture.
MGM Advantage sales and marketing director Aston Goodey said many older people were experiencing the pressure of rising living costs.
"This, coupled with the fact that people are generally living longer is placing considerable pressure on retirement income," he said.
"All the more reason therefore to shop around for the best annuity, and seek financial advice to ensure you achieve the best possible income in retirement."
Save the Children recently expressed concerns about the number of UK families - 27 per cent of those with an income below £12,000 - finding themselves in debt as they are forced to borrow money for their rising heating costs.
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