Annual retirement cost in UK ‘comes to £11,830’

The annual cost of being retired comes to £11,830 per year, according to a new analysis - although its cheaper in some regions of the UK than others.

Research from Key, which looked at the government’s latest spending data, revealed that retirees spend an average of £227.50 per week. This comes to 35% more than the full basic state pension of £168.60. Costs mount up on basics including clothes, food and utility bills, leaving some spare money for entertainment and eating out.

However, the cost of retirement in the South East of England was found to be almost £4,000 a year more than that in the West Midlands, with an average annual spend of £14,270 compared to £10,280. Overall, retirees in the South East, South West, London, East Anglia and the East Midlands spend more than the UK’s average, while cheaper areas include Wales, Northern Ireland and the North East of England.