Advice on Debt & Retirement

Debt Solver is a member of DRF (Debt Resolution Forum). The Debt Resolution Forum promotes professional standards for resolving debtors' financial problems, focussed on the quality of advice provided to consumer debtors by all DRF members.

"Mike owed £15,040... He's now paying £255 a month instead of £500."
Mike

"Neil owed £30,526... He's now paying £255 a month instead of £908."
Neil

"Jessica owed £38,510.86... She's now paying £492 a month instead of £1272."
Jessica

Debt and Retirement

The UK population is ageing as never before, with male life expectancy expected to reach 90 by the year 2015.

Government, trade unions, and industry are talking openly about a pensions crisis looming as the new national demographic means that fewer people still of working age, will be expected to support a record number of retired. Solutions such as the proposed increase in retirement age from 65 to 67 years are politically unpopular though, and time is running out. Already, the Pensions Commission, the independent UK body reviewing our private pension system, has reported that at present, over 12 million people could face a retirement with an insufficient income.

Clearly people should be saving now for their life after working, but the reverse is the case with many individuals doing nothing, or going into debt to afford their retirement.

According to a survey commissioned by the Prudential in April, less than 20% of people were not saving the minimum necessary for a secure retirement. In fact, nearly 50% were planning for their retirement by investing in property and taking out mortgages, hoping that house prices will have risen by enough to be able to finance their old age. Others were risking that the UK state pension will be enough to live on, or were expecting to come into inheritance. Some were even hoping for a winning lottery ticket to solve their retirement problems.

Even more concerning is that many of the 2,000 people questioned in the survey were unable to save for their retirement because they were still paying off debts. Just over half of over-50’s in the survey were still paying off debts, with slightly less, at 45%, of over-60’s in a similar position. Nonetheless, only one in ten said they were worried about debt and its impact on their retirement.

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