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Comfort 'requires extra £140 a week'

Published on 27 February 2012 12:00 PM

An additional £140 a week is needed in the pockets of retired people in order for them to feel financially comfortable, a survey has suggested.

The required extra weekly cash translates into £7,300 a year, said to be needed to cover the rising costs of living such as fuel bills and food.

Pensions company MGM Advantage, which carried out the survey, said retired men claim they need £153 extra every week and retired women say they need £127.

The area in which older people need the most supplementary funds is Wales where pensioners would like to see an extra £8,835 a year to be comfortable financially, £1 a week more than older people in London.

MGM Advantage's Aston Goodey said: 'Inflation has increased the cost of living while returns on savings have fallen due to the impact of historical low interest rates.'

She added that retirees should investigate which welfare benefits they are entitled to and claim them.

According to the National Association of Pension Funds, failing to secure a decent annuity deal can reduce annual pension cash by around 30%.

Copyright Press Association 2012

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Last updated: Dec 05 2018

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