Research finds state pension puts UK retirees just above breaking even

Pension man

A new study has uncovered that despite the Autumn budget increase, Britons on a state pension are only just breaking even during the mounting cost of living crisis here in the UK.

The research examined the present state pension rate by comparing it with the average costs of living in Britain. The study then looked at data in 50 European nations to work out which country provides the most for retirees in comparison to its current cost of living.

Researchers assessed the average cost for general living expenses, including grocery shopping, utility bills and the price of a restaurant meal, to provide an estimated monthly cost of living, bar any rent paid.

In the pension “Breakeven Index”, Britain ranked in 15th place, only 16.61 per cent above the breakeven point for pension income. The UK state pension pays only £114.28 more than a pensioner’s average cost of living, but as the current cost of living crisis escalates, monthly costs are anticipated to rise substantially in the coming months. As a result, many pensioners will experience very little room to manoeuvre financially.

UK citizens with fears of affording the lifestyle they seek when they no longer work often look to experts in retirement planning in Chester, Shropshire and other parts of the country. Wealth management teams help their clients prepare for their retirement and advise on investments that can help make their money work harder for them when their employment ends.

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