Standard Life has presaged that a large proportion of the population will see their retirement income eroded by the cost of living in light of rising inflation.
As such, the pensions provider has warned people to take this into account when selecting retirement products. Using Office for National Statistics data and official Government inflation figures, Standard Life has calculated someone with a pension pot of £80,000, buying a level annuity, will spend their entire monthly income (from private and state pensions) on basic living costs like food and fuel within 20 years of retirement. Standard Life added that this calculation only considers essential expenditure, with the factor of non-essential spend further compounding the problem. Andr...
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