A bleak picture of retirement has emerged , with a study revealing that millions of people will have to work in retirement, or struggle with barely enough income to survive. And while it is worrying enough that over 50% of those over 55 do not have savings, even more alarming is the level of debts older people are carrying.So just how bad have things become?Among the most shocking findings of the report is that one in ten people over the age of 75 are still paying the mortgage, with an average outstanding debt of £72,500. Some 20% of those over 55 still have a mortgage, with an average of £64,511 left to pay on it.
This is of course of great concern to those members who have retired with average pensions falling and with government proposals to changing the way pay increases are awarded. More should be done for those in retirement to link with 'parent branches' and join the fight that we will all have to be involved with soon.
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