Charities are concerned for the welfare of those nearing retirement spending their nest eggs to pay off loansThousands of retirees and older workers possess cashed in their pension pots in the past few months in an effort to pay off what charities describe as a “worrying trend” of escalating debt in retirement.
Debt charity StepChange says it saw approximately an 80% increase over the two years to 2014 in the number of over-60s contacting it with trouble paying off debt,with an average sum of £18624, while novel figures from Old Mutual suggest for some older people the debt problem is much more severe.
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Source: theguardian.com