Summary
THE prospect of getting old does not fill many with glee; the prospect of getting old and being poor even less so. And yet with every week that passes more evidence emerges that this is exactly the fate awaiting an increasing number of people.
Those retiring today may feel hard done by with regard to falling profits payouts on pensions. Indeed they have fallen a long way - even those paying the best rates, like Standard Life's, are paying out, on average, half what they did three years ago for the same total contributions. And 14 per cent of pensioners are juggling mortgage payments out of retirement income, according to Prudential's Retirement Index. An estimated 1.2 million people aged over 65 collectively owe about GBP 952 million on their credit cards, while a further 23,000 have personal loans of GBP 20,000.See the full content of this document
Extract
Retiring to Prospect of Near-Poverty
But at least six out of seven retired people can at least fall back on the equity accrued in their homes to supplement their lifestyles.
Indeed, research this week showed that a record ...See the full content of this document
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