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Study shows rising retirement costs

An old lady27/02/12

By Scott Allan

New research has suggested that low interest savings and high living costs mean that people set to retire in Britain need an extra £140 a week, or £7,300 each year, to feel financially comfortable.

Pensions firm MGM Advantage, which carried out the research, reported that men said they required £153 more per week on average, compared to retired women, who would like about £127 extra each week.

Retired people in Wales claimed that they needed the most extra on an annual basis to feel comfortable, at a figure of £8,835, £1 more than their counterparts in London.

According to MGM Advantage, people approaching retirement can maximise their income by claiming all state benefits for which they qualify, checking old pensions and savings accounts and keeping track of any old pension arrangements.

Aston Goodey, sales and marketing director for MGM Advantage said: "Inflation has increased the cost of living while returns on savings have fallen due to the impact of historical low interest rates."

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