|By PR Newswire||
|January 9, 2014 06:05 AM EST||
WORTHING, England, January 9, 2014 /PRNewswire/ --
- 4,480,000 retirees (41%) have cut back on spending over the past year to cover the rising cost of living
- 2,940,000 retirees (27%) have cut back on household energy use
- 2,500,000 retirees (23%) have cut back on food bills
- 26% are going on fewer holidays while 25% are eating out less
- Internet auction sites being used to generate some cash.
MGM Advantage, the retirement income specialist, has published new research which shows retirees are making cutbacks wherever they can in order to help cover the rising cost of living. 41% of retirees have said they have cut back over the past year, including 27% who have cut back on household fuel bills, while 23% have cut back on food shopping.
The research shows some ingenuity when it comes to retirees managing the rising cost of living. 3,630,000 retirees (33%) have changed shopping habits by using discount stores or are travelling less frequently. 14% have delayed replacing their car, while 15% are using public transport more often or walking. 13% (an estimated 1,420,000 people) have sold things on internet auction sites to generate some cash.
Andrew Tully, pensions technical director, MGM Advantage said: "We are in the midst of a cost of living crisis and this shows no sign of going away. Times are tough, but retirees are resilient people who have even turned their hand to internet auction sites to generate some cash. But these figures highlight the perilous state many find themselves in, cutting back on essentials like food and heating to make ends meet.
"Retirees find it particularly tough as they face the double whammy of a typically fixed pension income and currently low returns on their savings. They also spend a disproportionate amount of that income on the essentials to live compared to other groups. People need to consider inflation when thinking about their income needs. Over a 20-year period, you could find your buying power halve through inflation. This makes it vitally important to ensure any pension income considers the rising cost of living."
Notes to editors
- Source: MGM Advantage research among 2,028 UK adults aged 18+, conducted online by Research Plus Ltd, fieldwork 17-22 October 2013.
- Source: MGM Advantage. Each year 90% of people who convert pension savings into retirement income use an annuity with no escalation. The average pension pot at retirement is around £33,000. If inflation averaged 3% over a typical 25-year retirement, the real value of the income would reduce by 53%.
About MGM Advantage
MGM Advantage is a retirement income specialist, innovating, growing rapidly and working hard to make the most of people's money in retirement. From offices in London and Sussex, the provider sells its products through financial advisers.
The company attracted the backing of private equity investors TDR Capital, with the deal concluding in late 2013. This resulted in the creation of a new life company using the MGM Advantage brand, and resulted in a split from the mutual society (Marine and General Mutual). The strategy set out in 2008, to focus on the retirement income market, is retained.
MGM Advantage's market leading products include an investment-backed annuity, the Flexible Income Annuity, the first retirement income product to be rated five stars by Moneyfacts. This gives customers the flexibility to change income levels at different stages of retirement and the potential for growth and therefore, the potential to negate the impact of inflation. It also provides a minimum income guarantee and death benefits. Enhanced rates are also available for the Flexible Income Annuity.
MGM Advantage also specialises in providing enhanced annuities designed to provide additional income in retirement for people with health conditions, a poor medical history, or lifestyle conditions, for example smoking.
Through new product innovation and development MGM Advantage is always looking to find ways in which its customers can improve their retirement income, and encourages people approaching retirement to shop around for the best annuity.
MGM Advantage is part of a group of companies owned by ICE Acquisitions SARL (ICE Group). This group of companies includes the new life company (MGM Advantage) and a service company (MGM Advantage Services Limited). MGM Advantage manages assets in excess of £1.4bn (as at December 2013).
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