Retirees face potential debt 'shock'
Retirees face potential debt 'shock'
Friday 5th September 2008
With today's annuity rates, the independent financial adviser (IFA) estimates that a 65-year-old male saving an average pension fund would have a yearly income of only £1,380.
Citing figures from HM Revenue & Customs, the IFA also indicates that the number of people paying into a personal pension scheme has fallen by nearly one million in the past year.
Tom McPhail, of Hargreaves Lansdown, notes that only a "minority" of people are making adequate financial preparations for their retirement.
He noted that a "decent retirement income…will not happen by accident".
"Many…are going to get a very nasty shock unless the problem is tackled urgently," he warned.
Government figures suggest that unfunded promises to pay public-sector pensions currently totals around £650 billion.
www.debt1.co.uk - The official website of Byrom & Keeley – A UK based debt management company.
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