Oldham ranked best town for retirement in new study

With the cost-of-living crisis continuing to bite and interest rates soaring, retirement plans might not look the same as they did a few years ago.

In the UK, the current state pension sits at £203.85 per week, or around £10,600 per year, and can be claimed by people aged 66 and over.

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However, people born after April 5, 1960, will see a phased increase to 67 and then to 68 years old.

A new study has identified the top spots across the country for those looking to live out their autumn years without enduring financial difficulty.

Oldham scores well for affordability (Image: Sambla)

Money experts at Sambla have compared the cost of living before rent in the UK's top 100 most populated towns and cities and, using factors such as the retirement age of 66 and average life expectancy, have identified the most affordable - and expensive - plans for residents to retire. 

In its top 20 most affordable list, four places in Greater Manchester scored highly.

Rochdale is considered the most affordable place to retire in Greater Manchester and the second most affordable place across the country overall.

However, Wigan, Bolton and Oldham also made it onto the list and were ranked eighth, ninth and tenth respectively.

The current cost of living in Oldham, excluding rent, is around £635 per month.

This means the average Oldhamer looking to retire would need a retirement fund of £114,300 - or £259,080 for those who live to 100 years old.

Meanwhile, for those in St Helens, the cheapest place to retire across the country, the cost of living currently sits at an average £565 per month and retirees would need a fund of £101,718 (or £230,561 for those who hit the century milestone).

The study reveals there is an 84 per cent price difference between retiring in St Helens as opposed to retiring in London.

Preston, Harlow, Blackburn, Kingston upon Hull and Rotherham were all also identified in the top 10 list of cheap places to retire.

Outside the capital, Leeds has been dubbed the most expensive place to retire with the current cost of living costing the average person £843 per month.

This equates to a retirement fund of £151,740, just 23 per cent cheaper than London.

The city of Manchester also appears in the top 20 list of the most expensive places to retire, coming in at number nine.

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