Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life, part of the Phoenix Group.

The annual cost of a comfortable retirement has increased by nearly a fifth in the last two years as average spending by retired households climbs to £23,675 a year, new analysis of the latest Government data has shown.

A new study suggests that retirees may have a life expectancy six to seven months lower than before the Coronavirus pandemic.

People aged 50 and over on average believe they will live until around 80 despite official figures suggesting they will live for several years longer.