Over 50s 'seeing increases in cost of living'

Retired over 50s may be seeing their finances more severely affected by the rising cost of living than other social groups, according to new research.

Statistics released by retirement solutions group MGM Advantage revealed that the average annual expenditure of householders aged 65-74 increased by 22.49 per cent between 2002 and 2007, compared to a national average of 15.91 per cent.

Aston Goodey, sales and marketing director of the company, suggested this was due to the greater proportion of income spent by older people on increasingly expensive essentials such as housing and fuel costs

He advised older people to consider what changes they could make to their finance arrangements to offset the difference.

Mr Goodey said: "More pressure is being placed on retirement income. This makes it all the more important to shop around for the best annuity and seek financial advice to ensure you achieve the best possible income."

The research tallies with that published by Alliance Trust last month which suggested that over 50s are suffering from greater inflationary pressures than younger consumers due to the rising cost of basic goods and services.

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