One in five to retire in debt in 2011

Helen Morrissey
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More than one in five people retiring this year will still have debts according to the Prudential Class of 2011 study.

According to the research, the average debt stands at £33,100 with one in 20 retiring with debts of more than £50,000. The major sources of debt in retirement are credit cards and mortgages with 55% of those retiring this year owing money on credit cards while 52% will have outstanding amounts on their mortgage. Almost one in five (19%) have bank loans due to run past their intended retirement date and 14% have overdrafts. A further 14% of those surveyed were unsure as to whether they would be debt free when they retire. Around 23% of men who responded to the survey said they wi...

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