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Pensioners Struggle against Rising Living Costs (17 January 2012)

Date: 17/01/2012
Duncan Lewis, Legal News Solicitors, Pensioners Struggle against Rising Living Costs

According to recent research, pensioners in the UK are being hit by rising living costs. For the majority of pensioners, the cost of everyday living has increased by almost 20 per cent over the past four years. This compares with mean inflation of 13 per cent during the same period and means that pensioners are being forced to find an additional £1,000 per annum to maintain the same standards of living. The elderly are therefore being forced to spend a larger percentage of their incomes on their household bills.

Pensioners over 80 years of age have been forced to incur a reduction in Winter Fuel Payment of £100, while others have faced a £50 fall. Retirees are also facing a fall in annuity rates, which means that the value of their yearly pensions that they are able to buy with the funds set aside for this purpose has fallen significantly in compared to previous generations. The amount the elderly earn on their own savings has also been reduced by low rates of interest.

Gordon Morris, Age UK’s managing director, has described the increase in living costs for pensioners as “extremely worrying”. He added that, since 2008, the average over 55-year-old has incurred extra costs of around £978 per annum, which increases to £1,111 per annum for the average pensioner aged between 65 and 69 years old. Dr. Ros Altmann, Saga’s director-general, described the rises in living costs as “a life or death issue”, adding that last year, nine elderly individuals died every hour because of the cold.

Duncan Lewis’ welfare benefits solicitors can assess pensioners’ eligibility to state financial support.

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