Nov 26 2008
A rising number of people are entering retirement with debt, it has been suggested.
Figures produced by Just Retirement indicate that 24 per cent of people approaching the age where they can give up work are still in debt.
Meanwhile, as the ability to cover daily living costs is becoming a concern for increasing numbers of retirees, with 46 per cent of those questioned reporting concerns about their depleting income.
In order to cope with escalating financial pressures, 12 per cent of people approaching retirement are said to be planning to continue working in order to get more money.
"With no obvious solutions being proposed to help those struggling at retirement, the likelihood [is] that poverty amongst pensioners is set to spiral out of control," warned Nigel Barlow, head of retirement solutions at Just Retirement.
Meanwhile, the Association of British Insurers recently warned that almost half of the UK's working population are either not saving sufficiently or are not saving at all for their post-work years.
