Research from Key Retirement Solutions shows over the last ten years, average council tax bills in England have risen 91.58 per cent.
This is over three times the increase in average pensioners’ income, which has only risen by 29 per cent from £11,700 to £15,132.
Pensioners in East of England and South East were hit by the highest increases – 108.80 per cent and 106.52 per cent respectively.
Yorkshire and Humberside saw the lowest average rise of 79.41 per cent.
KRS business developemtn director Dean Mirfin says: ” A pensioner who lives in the average band D property in England will see council tax eat up almost a tenth of their gross annual income making their life much more financially difficult. However, with the high levels of equity held in property by the over 65s, there is tremendous scope for today’s retirees to use Equity Release to boost their disposable income. Equity Release is however not suitable for all retirees and people need to discuss all their options and alternatives with an specialist independent financial adviser before choosing this route.”