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Thousands expect to retire still owing money

Thousands expect to retire still owing money

Category: Retirement

Updated: 23/08/2012
First Published: 23/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nearly half a million people are facing debt in their retirement, with an average of £52,446 outstanding on their mortgage.

According to the Equity Release Council, over 400,000 people expect to retire with outstanding debt on their mortgage, due to either unforeseen circumstances or an inability to pay their mortgage off in full prior to retirement.

Shockingly, a high number of people approaching retirement age believe they will carry their debt forward. Almost a quarter of people aged between 55 and 64 expect to continue making mortgage payments into retirement.

Andrea Rozario, director general of the Equity Release Council, said: "Many people find that due to unforeseen circumstances they enter retirement with a small amount of debt but the fact that over 400,000 people expect to still be repaying their mortgage when they retire is shocking."

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