Cost of retirement is £11,830 a year

Ryan Bembridge

May 15, 2019

The annual cost of being retired has risen to an average of £11,830 across the UK, analysis of government data by Key has found.

This amounts to £227.50 a week on basics such as food, clothes and utility bills, while leaving some spare cash for eating out and entertainment.

Will Hale, chief executive at Key, said: “With retirees needing 35% more than the full state pension provides, people need to think carefully about how they will bridge this gap.

“Workplace and private pensions as well as savings and investments can help but for most people maintaining a decent standard of living in retirement means maximising all sources of income.

“Property is increasingly a major part of retirement planning with retired households literally sitting on more than £1 trillion of wealth.

The annual cost of being a pensioner is highest in the South East (£14,270), followed by the South West (£13,120) and London (£13,060).

It is the lowest in the West Midlands (£10,280), North East (£10,400) and Northern Ireland (£10,420).

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