Bolton named as one of the most affordable places to retire

Retiring can be an exciting but also a daunting prospect- it brings the end of people's working lives, leaving them free to enjoy their leisure time.

In the UK, the current state pension allowance is £203.85 per week and can be claimed by people aged 66 or over.

However, those born after April 5 1960 will see a phased increase to 67 then to 68.

A state pension works out to around £10,600 per year.

Loan firm Sambla has compared the cost of living without rent in the top 100 most populated towns and cities in the UK to the current retirement age of 66, and life expectancy of 81 years old (79 for men and 82.9 for women), to find out the most expensive places to retire in the UK.

And Bolton ranked as the ninth most affordable place to retire.

According to the figures, the cost of living per month in Bolton excluding rent is £634, the cost of living per year is £7,608, equating to a retirement fund of £114,120.

Bolton was among four towns in Greater Manchester that were named in the top 10.

Rochdale is second on the list, Wigan placed eighth and Oldham ranked 10th.

Meanwhile, St Helens topped the list with a 84 per cent price difference between retiring there and in London.

Managing director at borough-based Cardwells Estate Agents, Andrew Cardwell, said Bolton has many great properties and facilities making it the perfect place to retire.

He said: “It is no surprise that our wonderful town of Bolton has ranked so highly in this study as one of the top ten most affordable places town to retire.  

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“All of us have been affected by the high inflation levels and the cost of living challenges during the last year or two, so it’s welcoming news that this study has found Bolton to offer excellent levels of affordability, and in turn value for money.  

“There are so many great benefits for those looking to enjoy retirement in Bolton, not least the wide selection, and eclectic mix of property that could be worth considering as retirement planning approaches or is to be enjoyed.

“Importantly Bolton has a wonderful array of facilities that are not even considered in this study which are free, such as the beautiful countryside that is on our doorstep ready to be explored, such as the West Pennine Moors, a choice of reservoirs, Rivington Pike.

“Fantastic transport facilities via both road and railway, free public transportation travel is even available for a number of people enjoying retirement, and of course there are some wonderful sports and social clubs, an array of shopping and leisure facilities, and restaurants to enjoy.

“Perhaps if all the community and countryside facilities were taken into account, Bolton would score even higher, as the value for more is even more substantial than is considered in the report.”

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