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Your Pension: How will you fund it?

Huge numbers of people approaching retirement age — millions in fact – are heading for a worrying mix of hefty mortgages with no savings.

A report by Aviva found that 25% of ‘pre-retirees’ – those aged between 55 and 64 – have a mortgage and in 20% of those cases it exceeds £75,000. The report, which came from a study of over 1200 people, stated that 40% of pre-retirees have average savings of only £8,600, excluding pensions, and that this sum could easily be swallowed up should a household emergency occur.Read more