Monday, April 30, 2007
Category:
Consolidation
Abbey Savings has recently found that a number of Brits are not making any plans for retirement.
According to their research, 4.5 million people aged over 55 have not started making retirement plans and a further 2 million people have not thought about or contemplated the issue. Looking at people aged between 45 and 54, 4.8 million people in total, which is almost two thirds of this age group in Britain, have not made any plans while a further 1.8 million are not even considering the issue.
Abbey Savings say that a million people over the age of 55 will have to work through retirement. Reza Attar-Zadeh, Head of Savings at Abbey, said: “This research shows the potential retirement time bomb that the 50+ generation are facing.”
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The younger generation who find that they are unable to put money aside for retirement due to having multiple debts and bills to clear, could consider consolidating with a
secured personal loan. One of many options to pay off debt, homeowners will know the exact amount and date that payment will be taken from their account each month. Knowing the exact amount to be debited, could allow homeowners to set aside a small amount each month to put towards retirement savings. Secured loans can be repaid over a term to suit the borrower from 5 to 25 years. When using a secured personal loan to pay off debts, it is however important to remember that repaying borrowing over a longer term will increase overall interest changes.
