Newly updated figures show that during the ongoing cost of living crisis, people in the UK claiming their State Pension entitlement only just break even despite a record-breaking increase to weekly payment rates in April.
The research, conducted by pension advisors Almond Financial, looked at the State Pension in comparison to the average cost of living in the UK.
Almond Financial looked at similar data in all of Europe’s 50 countries to establish which country offers the most to retirees in comparison to the country’s current cost of living data.
It then analysed the average cost of general living expenses such as food shopping, the price of a meal at a restaurant and energy bills to discover an estimated cost of living per month, excluding rent.The UK ranked just below the halfway point in the top 30 at number 16, squeezing over the breakeven point for pension income.
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