Quarter of `pensioners` must work or face debt problems
16 September 2009
A new report has suggested that one in four people of retirement age cannot afford to quit work, but will have to continue working indefinitely, according to The Guardian.
Simon Lough, chief executive of Heartwood Wealth Management, which commissioned the report, said that "falling house prices, shrinking pension pots and the need to support financially dependent children" had hit many people`s retirement plans.
Without an adequate income from pensions or other means to support their retirement, people of retirement age could be forced into debt in order to get by, unless they continue to work.
A debt expert for Think Money said: "The current state of the economy really highlights the importance of saving adequately for the future. An economic downturn like the one we`re in can cut the value of everything from house values to pension plans - sometimes it`s good to have actual money tucked away.
"For anyone who cannot save because of existing debts, it`s important that they contact a professional debt adviser to discuss ways of tackling those debts."
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Tags: pension, debt, retirment, house prices, Heartwood Wealth Management
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