Monday, October 23, 2006
Category:
Consolidation
Research has found that the burden of being in debt is meaning workers are delaying their retirement plans.
AA Savings has undertaken research discovering that 38 per cent of Britons are contemplating working beyond retirement age so as to achieve a comfortable retirement.
On top of this, just one in ten feel they will be able to retire at the age of 60. Among the reasons Londoners gave for working longer was serious financial difficulty in retirement (22 per cent) and 38 per cent of Britons commented that they had a lack of retirement savings.
Lloyd East, general manager of AA savings, said: "Retirement used to be an occasion of celebration and freedom from debt. But today the opposite seems to be true. We found only ten per cent of respondents expect to celebrate their retirement – and not a single Londoner said they would do so."
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Those with multiple debts worrying about not being able to start saving for retirement could consider a debt
consolidation loan which might free up more of their monthly income. This could then give them the opportunity to put some money into saving for retirement. It should be remembered that repaying borrowing over a longer term will increase overall interest charges.
