Older Brits are losing money fast

Worried OAP

Growing old in the UK has never been tougher, as new reports emerge of Britons approaching retirement with money worries in tow.

The increased cost of living in the UK is hitting pensioners hard, and new figures suggest that over 55s are now around £900 worse off each year.

These figures were discovered by Age UK, a charity that monitors the fortunes of older UK citizens, by examining the Silver API, a measure of inflation the created specifically to chart elderly finances.

The Silver API has revealed that pensioners have been rocked by inflation since January 2008, currently paying £1,054 more than they were in 2008.

A spokesman for Age UK said: “The latest Silver RPI findings show that the gap between Headline and Silver RPI has narrowed in the first quarter of this year, but these findings must be seen against a context of the past three years. In this time, those in later life have consistently experienced price rises at a higher rate than the general population or predicted by official measures. At an age when a significant number of long-term financial decisions are being made, being able to accurately track the cost rises experienced by those over 55 is crucial.”

Elderly Brits have been feeling the pinch following the Coalition Government’s numerous cuts and austerity measures. Some pensioners feel that the only way to enjoy a comfortable retirement is by leaving the UK and becoming expatriates in different places. Find out more about the benefits of retiring abroad over at our retirement planning section.