On average, the average annual outgoings increased by markedly less, rising by just 15.91 per cent.
In households where the main occupant is 75 or over, the average amount spent each year increased even more, rising by over a quarter (25.18 per cent).
Using the available figures, MGM Advantage estimates that average annual household expenditure today in the 65 to 74 bracket is £22,677.96. The estimated yearly cost for those 75 and over is just over £14,700.
The spiralling cost of living for those in retirement has been put down to older householders spending a greater proportion of their funds on housing costs, fuel and other goods and services that have been subject to large scale price increases in recent years.
"This, in addition to the fact that life expectancy has increased, means more pressure is being placed on retirement income," said sales and marketing director, Aston Goodey.
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