13pc of retirees still paying mortgage

Robyn Hall

May 14, 2013

The retirement income specialist found that retirees now have a collective mortgage debt of £76bn which works out as an average debt of £47,458 per person.

Andrew Tully, pensions technical director at MGM Advantage, said: “These figures are alarming and show the pressure people face on a daily basis trying to balance the household budget.

“Although many people consider themselves retired they are continuing to pay off their mortgage, some with quite substantial balances.

“Dig a little deeper and many people are working part time, sometimes through choice but often simply to make ends meet.”

The research found that 6% of retired people aged 55 and over are working part-time to supplement their incomes in retirement.

Tully added: “Talking about debt in retirement will be a taboo for many people who find themselves in this position. But there are ways retirees can access practical help and advice.”

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