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 research4 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.
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