Revealed: Is Sheffield the cheapest or most expensive place to live for retirees?

How does your nearest city compare when it comes to retirement costs?

Tuesday, 27th March 2018, 3:28 pm

How does your nearest city compare when it comes to retirement costs?

A new study from Age Partnership has revealed the places around the UK which have the biggest retirement spenders.

It’s been reported that retirees in East Anglia spend on average £250 per week, that’s almost £30 more than those in the South East and over £70 more than those in the North East.

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Coventry retirees were the biggest spenders, followed by Norwich and Wrexham but, on the other side of the scale, was Liverpool, Swansea and Aberystwyth.

In Sheffield, retirees spend on average £205 each week.

Real retiree living costs are currently £208 according to the whitepaper, however basic state pension is £122.30 per week. Leaving a deficit of £85 per week. That’s £340 per month retirees need to find from other sources. It’s no wonder then that the non-retired population are looking at other ways to raise funds for life after work.

The newly released report sparks cause for concern, revealing the nations lack of financial planning for retirement. One in four retirees are currently struggling with money, and one in three (38 per cent) retirees say they underestimated how much money is needed to live comfortably in retirement. So, we need to make sure future generations are better educated on the subject. For 2018, Age Partnership have launched their industry Whitepaper, surveying British adults of all ages and analysing industry research to find out the real state of the UK’s retirement finances.

Despite retirees in the North East spending the least per week, they are struggling te most financially which suggests they perhaps their pension pots are smaller than people in other regions. A little further down the country, Yorkshire and Humber are one of the most comfortable when it comes to their finances with 37 per cent describing themselves as struggling.

In Sheffield, 33 per cent of retirees are currently struggling financially.

The expense of retiree life in Coventry seems to be taking its toll on its retired population as this is also in the location where people are struggling financially.

In comparison Gloucester, Aberystwyth and Oxford are the most comfortable financially, suggesting this might be where the retired “elite” settle in their later years.