Pensioners can boost income by 1,200 a month with one life-changing move | Personal Finance | Finance [Video]

Generating income of £1,200 a month requires an awful lot of capital, which is why this option is only open to homeowners. They can make the change by downsizing from their existing property, and moving somewhere smaller and more affordable, new figures suggest.

The money can transform people’s final years as the cost-of-living crisis eats away at fixed pensioner incomes, but it does involve an awful lot of upheaval.

Many never get round to it because of the effort and expense involved, alongside the emotional drain of leaving a home with a lifetime of memories.

Yet downsizing can really upsize your standard of living, as new research from Savills suggests the average homeowner in England and Wales can unlock enough capital to generate income of £1,218 a month for life. That works out as an extra £14,616 a year.

This assumes they are downsizing from a four-bedroom home to a …