Over-55s risk retirement debts

10/02/2010

A large proportion of over-55s are at risk of serious debt problems'>debt problems when they retire, a new report has found.

Aviva's Real Retirement Report revealed that two fifths of those within ten years of pension age save nothing at all each month.

This is despite the same age group having the largest average mortgage debt of those surveyed. According to the survey, 20 per cent still owe more than £75,000 on their mortgage.

The worrying news comes as Moneyfacts research reveals that the average return received on pensions has fallen 72 per cent in the last decade.

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