Debt in retirement
According to a recent survey, only 28% of people currently planning to retire feel they have saved enough for a comfortable retirement. To add to this, 48% still owe money on credit cards, while 31% still have an outstanding mortgage, meaning they have regular monthly payments to meet on top of their household bills.*
Debt in retirement can bring about real worries. While incomes traditionally fall at this time of life, finding the funds to manage monthly payments, as well as doing all the things you want to in later life can be a struggle.
* Research conducted by Research Plus between 18 and 31 December 2019 among a sample of 1,000 people expecting to retire during 2020
Financial peace of mind in later life
Nothing eats into retirement savings like monthly repayments on a high interest credit card and debt can often sabotage what should be an enjoyable time in life – not only financially, but emotionally too.
Meeting only the minimum payments on your existing debt can feel like you’re stuck in an endless cycle. Thankfully, there are options to help you break free from the burden of debt in retirement.
Government-backed The Money Advice Service and charity, Stepchange are two of many organisations that offer free advice to help you tackle debt. They will talk through your situation and discuss your options with you.