Debt in Retirement
According to FT Adviser, the “average Brit's debt in retirement is expected to reach £34k”. Debt in retirement is continuing to climb with almost one in five people expecting to stop work this year owing an average £33,900, according to research by Prudential.
The insurer said this meant expected debt was almost 40 per cent higher than it was for those who planned to retire last year, and meant people were facing extra costs of about £285 a month for an average of three and a half years to pay off the debt.
Having increased for the second year in a row debt is also 80 per cent higher than the low of £18,800 recorded in 2016, Prudential added. However, at the same time the proportion of people retiring in debt has fallen to 19 per cent from 25 per cent in 2017.” Read the full article.