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State pensioners might notice their bank account is nearly £600 lighter compared to 2020, it has been warned. Older retirees are almost £600 worse off since Covid kicked off back in 2020 despite the triple lock boost from the Conservative Party and Labour Party governments.

Retired households now have a typical disposable income of £29,728 in 2023/24, down £558 a year compared with 2020/21, fresh data from the Office for National Statistics has shown.

The median annual gross household income for retired people in 2023/24 is £32,328, compared with £32,302 the year before. But this is down on the £33,337 recorded in 2020/21.

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Data shows gross incomes for retired households have fallen by £1,00

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