The second and third most expensive locations were Edinburgh and Stockport, each costing around £22,300 per year. Meanwhile, Northampton and Leicester were among the most economical places to live, as retirees needed £8,000 less at £16,200 per year. 

Salisbury House Wealth, which produced the report, estimated pensioners needed two-thirds of a full-time workers’ average income. 

According to consumer group Which?, the price tag of a happy retirement in Britain is £305,000. Someone who wants a “comfortable” retirement would need at least £19,000 per year, or £26,000 for a couple.

Where are the best places to retire?

Three million over-50s planned to relocate as a direct result of the pandemic, swapping cities for rural retirement settings. A survey from pension company Legal & General found locations by the coast and areas of outstanding natural beauty have been the most popular. 

Dorset, Shropshire and Wiltshire were retirement migrant hotspots, the report found. Meanwhile, there has been an exodus of over-50s from London, Birmingham and Bristol.