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Nearly a quarter of people are retiring in debt, says Just Retirement

Nearly a quarter of pensioners are retiring in debt, according to research from Just Retirement.

The firm surveyed over 1000 pensioners and people approaching retirement and found 26 per cent of people approaching retirement are concerned about the mounting debt they are likely to have. It also revealed one in eight retirees are planning to work in order to supplement their income.

pay for day-to-day living is becoming a real worry for retirees, with 46 per cent concerned about their depleting income.

Just Retirement head of retirement solutions Nigel Barlow says increasing fuel costs are causing pensioners’ disposable income to shrink potentially forcing many to live on the breadline.

He says: “Reaching retirement should not be a cause for concern. Yet an increasing number of retirees are unable to rid themselves of their debts, potentially taking them with them forever.”

With unemployment is expected to reach two million by December, Barlow says pensioners are likely to find it harder than ever to find work if they need to.

He says: “With no obvious solutions being proposed to help those struggling at retirement, the likelihood that poverty amongst pensioners is set to spiral out of control.”

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