- Wednesday, 10 February 2010More people nearing retirement may require
IVA help as they find themselves unable to cope financially.
The Real Retirement Report by Aviva reveals that 40 per cent of people aged 50 to 64 are saving nothing in preparation for retirement, and one fifth still owe more than £75,000 on their mortgage.
Described as the "pre-retirees", the report states that the age group have the highest levels of debt compared to people already in retirement.
It also found just a 21 per cent difference in monthly income between pre-retirees and the long-term retired.
Clive Bolton, at-retirement director for Aviva Life said the report paints a "worrying picture".
"Whereby those who are already retired are actually - to a large extent - financially better off than the pre-retirees," he said.
"Although we would strongly advise people to start saving for their retirement as early as possible, we also need to ensure that those approaching retirement have access to the right information and support to maximise their income in their later years."
Recent research from Prudential reveals that one in five people planning to retire in 2010 have no pension, and will rely on the state and their savings.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960