A third enter retirement in debt
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A third enter retirement in debt
Retirement. You’ve paid off your mortgage, said goodbye to your colleagues for the last time and now it’s finally time to put your feet up and enjoy some well-deserved rest, free of commitments. That’s the ideal, anyway. Unfortunately, many retirees enter this stage of their lives with significant commitments hanging over their head, with research1 finding that a third of people now retire in debt. Worse still, 2021 retirees owe around a fifth more than last year’s cohort – around £20,650 on average. Forty percent have credit card debt, 31% still have outstanding mortgage payments, 17% are in their overdraft, while 8% have borrowed from family and friends.
1Key, 2021
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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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