Utility bills to overtake pension income

A report entitled ‘Cost of a home in retirement,’ compiled by Datamonitor and commissioned by Prudential has found while utility bills - including Council tax, water and rising energy prices - will increase by 5% per year until 2010, doubling by 2020, the interest on income per retirement household will only grow at 4% each year, with disposable income increasing from £13,142 to £16,629 in 2010. Ali Crossley, director for Prudential’s Lifetime Mortgages says: “The cost of running a home in retirement will take up more and more of pensioners’ disposable income. Today, necessities account ...