North east is cheapest place to be a pensioner

The north east is the cheapest place to be a pensioner, with over-65s needing an annual income of £14,782 to cover spending, according to a new survey.

Pensions provider iSIPP found that retired people in the north east spend just over £3,000 a year less than the national average.

Its analysis of the most recent Government data on family spending shows the average over-65-year-old spends £17,810 a year.

Food, housing costs and transport account for around 43% of their total annual spending.

But pensioners in London and the south east need up to £3,740 more a year, which works out at up to £6,768 more than those in the north east.

Housing and maintenance costs plus spending on food and transport including fuel prices and the cost of alcoholic drinks and clothes are the reasons there are major regional differences in the cost of being a pensioner.

iSIPP managing director Hrishi Kulkarni said: “Where you live in the country can make a massive difference to how much you will spend a year in retirement.”

The table below shows the spending figures across the country and how much cheaper or more expensive each region is compared with the national average.