New research has revealed many people currently in retirement are experiencing a decline in income.

According to the seventh Real Retirement Report, published by Aviva, individuals over the age of 55 received a typical monthly income of £1,216 in September.

This is down from June's figure of £1,294 and is the lowest amount recorded since February last year.

While 23 per cent of individuals in this age group have under £750 to spend every month, people over the age of 75 typically have less than those who are slightly younger.

The company's 'at retirement' director Clive Bolton said: "The over-55s have seen their finances deteriorate over the last quarter as people struggle to keep up with the rising cost of living on a relatively fixed income."

Utility bills could be a regular outgoing that is contributing to the depleting finances of retirees, as price comparison site uSwitch.com recently claimed 6.9 million households are living in fuel poverty as charges creep up.

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