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Loans might be needed by growing numbers of retired Brits to bump up their income after it was revealed that the average retiree needs hundreds of pounds extra each year to cover the cost of living. According to MGM Advantage, the averaged retired household inhabited by a main occupant between the age of 65 and 74 must find an additional £429 every year to enjoy the standard of life they experience only 12 months ago. Data from the pensions specialist shows that the mean cost of living has grown by £670 over the last year, with homes spending more on transport, recreation, culture, services and household goods. Aston Goodey, sales and marketing director at the firm, commented: "Many retired people have had to endure a rise in their cost of living. This, coupled with the fact that people are generally living longer is placing considerable pressure on retirement income." MGM Assurance was established in 1852 and was rebranded in 2008 as MGM Advantage. |
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