Two Lancashire areas have been named among the most affordable places to retire in the UK.

Whether you find the thought of retirement exciting or daunting, knowing which places are more affordable might help you make choices in later life.

Money experts at Sambla have compared the cost of living without rent in the top 100 most populated towns and cities in the UK to the current retirement age of 66 and life expectancy of 81 years old (79 for men and 82.9 for women), to find out the most affordable places to retire in the UK.

Lancashire areas named among the most affordable places to retire in the UK

Preston and Blackburn are both ranked in the top five on the list of most affordable places to retire.

To get these results, Sambla collated the cost of living for all countries and UK locations using the Living Cost website.

The average life expectancy for men and women was sourced from Worldometer and then compared with each country’s minimum retirement age which was cross-referenced through manual research. Only locations with complete data were included in the ranking.

Coming in at third place, Preston is said to have a cost of living of £584 (pp/pm) and £7,010 (pp/pa) while in fifth place Blackburn costs £598 (pp/pm) and £7,176 (pp/pa).

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The retirement fund for someone living in Preston would be £105,156 while someone living in Blackburn would need £107,640.

However, if someone lived until the age of 100 in Preston or Blackburn, the fund would need to be £238,354 and £243,984 respectively.

The most affordable place to retire in the UK is St Helens in Merseyside, according to the research.