Over-45s underestimate retirement spending by £100,000 - research

Research by the firm found over-45s expect to spend £16,456 per year in retirement on average - a total of some £325,000 throughout their later life (based on 20 years). However, it was more likely they would spend closer to £420,500, leaving a shortfall of almost £100,000, Tilney said. In particular, The Tilney Cost of Tomorrow Report estimates the average over-65 spends: £52,000 on food and drink (excluding alcohol), £10,000 on alcohol and tobacco, £10,000 on clothing and shoes, £113,000 on housing and utilities, £28,000 on households goods and services, £19,000 on health an...