20% retiring in debt
26 January 2011
Over 20% of the people retiring this year will be carrying debts with them into retirement, research from Prudential indicates.
The `Class of 2011` study shows that on average, those debts will total £33,100, while 5% of people retiring will owe over £50,000. Among men over the age of 65, fully 10% will owe more than £50,000.
On top of the 21% who`ll still have debts to repay when they retire, there`s a further 14% who aren`t sure if they`ll be debt-free by the time they retire.
Most of the debt in question is in the form of credit cards and mortgages. 52% of the people retiring in debt will still have a mortgage to pay off, while 55% will still need to clear their credit card debts.
It seems that men are statistically less likely to be debt-free when they retire. The figure of 21% applies to people (who are stopping work this year) in general. Among women, the figure is 18%, while 23% of the men expect to be in debt when they retire.
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