Personal debt haunts thousands in retirement

Research from annuity provider MGM Advantage said the average level of personal debt for a retired man is about £9,007, and £7,350 for a female pensioner. The poll of 1261 retirees found about 178,000 owed more than £100,000, while just over 729,000 owe between £25,000 and £100,000. Just 57% of retirees are debt free. MGM Advantage director Aston Goodey said the figures were alarming. He added: "As the cost of living continues to put pressure on household finances, many retired people will feel under growing pressure to take on debt to fund everyday living." Goodey said the stat...