Jun 11 2008
Millions of homeowners around the county are struggling to clear their debts before they reach retirement age, according to a new report.
The Key Retirement Solutions company quizzed its equity release clients and found that the average person aged 55 or over currently has an outstanding mortgage debt worth over £37,000.
Additionally, just under a third of people in this age bracket have mortgage arrears outstanding, which could be hindering many people in their efforts of saving for retirement.
Dean Mirfin, Business Development Director at Key Retirement Solutions, commented: "Whilst this analysis is based on those who have released equity from their home, if this is only part reflective of pensioners as a whole, then this is of huge concern."
Meanwhile, the investment management firm Edward Jones recently asserted that the rate at which Britons are saving for retirement has been slowing in recent months.
