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.

Annuities have hit their highest level since December, according to new data.