Debts preventing people from enjoying retirement

Research by Saga Equity Release has revealed that almost a fifth (17%) of over 50s are left with little money to enjoy their retirement once they have cleared their debts, while over two fifths (41%) of retirees find paying off their debts difficult, headlinemoney.co.uk reports.

13% of over 55s are retiring in debt, and 40% of this age group are using equity release as a means of repaying these - leaving them better off in real terms and able to enjoy a better quality of life in retirement.

Andrew Goodsell, Executive Chairman, Saga Group, said: "This study dispels the concept that equity release is the last resort for those who have nowhere else to turn. We have found that people are increasingly likely to use equity release to clear debts, enabling them a better quality of life in retirement."

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