According to a recent study by the Pensions and Lifetime Savings Association (PLSA), UK retirees trying to enjoy a basic living standard have seen their expenditure increase in the last year by approximately 20 per cent because of high inflation. The UK trade association has commented that the study highlights that pension reform is necessary to ensure Britons have sufficient income during their retirement.
The PLSA report was based on independent research conducted by Loughborough University’s Centre for Research in Social Policy. The association regularly reviews the current Retirement Living Standards to make certain that they remain in line with any changes to the UK public’s expectations of exactly what a retired household needs along with any prices hikes of products on the shelves to stay relevant to present-day retirement spending.
The study found that minimum lifestyle costs had increased sharply by 18 per cent for a single retired person and by 19 per cent for a retired couple.
The rise in living costs across the country now means that those attempting to survive on the state pension will likely struggle without support. As a result, securing additional revenue streams for retirement is now seen as essential.
Experts in retirement planning in Chester, Birmingham and other major UK cities help consumers prepare for the time when they are no longer employed. Using financial strategies and careful investment, advisors like wealth managers determine the lifestyle sought by their clients in retirement and help them achieve an income that offers adequate provisions.
