How can you save up to £200,000 during your retirement years?
Retiring in the UK and the amount one needs to survive, live moderately or comfortably, is highly dependent on where one resides.
For those who retire in London, it can cost almost twice as much as Britain’s cheapest cities.
Pensioners can in fact save up to £200,000 by moving somewhere cheaper.
Living in London requires a pension of up to 82 percent larger than in the cheapest major city in the UK, Nottingham, according to Salisbury House Wealth, a financial adviser.
A comfortable retirement life in London would cost £25,471 a year – meaning it would cost a 67-year-old £458,478 to generate this income from a fixed term annuity, lasting until age 86.
However, for those living in Nottingham, an income of £16,786 per year, costing £251,790, would equate to the same standard of living.