Retirement calculator inflation issue discussed by MGM Advantage

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Retirement calculator inflation issue discussed by MGM Advantage

Wed 19th Jan 2011

An MGM Advantage expert has noted that pensioners are having to deal with an inflation figure that surpasses the official statistics due to their spending habits.

Aston Goodey, sales and marketing director at the company, explained that retirees tend to use their income to pay for items that have seen the largest price hikes in recent times.

He highlighted how food and non-alcoholic drinks - things that pensioners will spend a significant proportion of their budget on - rose in price by 6.1 per cent on average during 2010.

"Although the consumer prices index has risen 3.7 per cent in the past year, the actual 'real' figure for retired households is much higher," Mr Goodey concluded.

In his opinion, it is currently the most difficult time for households in a decade.

This week, MGM Advantage announced it had appointed seven new business development managers, with Mr Goodey stating that he is "excited" about appointments.

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