Over 65s to require help with their debts?

Individuals need to start saving for their retirement, an expert has claimed, as not doing do may see them end up with debt concerns.

Martin Palmer, head of pensions marketing at Friends Provident, noted the decision to scrap the default retirement age could open up “a whole new can of worms”.

“People need to be aware of the reality of working longer,” he said. “We should start seeing retirement as a process in our lives and not a one-off event.”

According to the Visions of Britain 2020 report, there will be 7.16 million over-55s working in ten years time, which will be an increase from the 5.14 million who currently fit in this age bracket.

Mr Palmer’s organisation has encouraged individuals not to use the fact they will be able to work longer as a method to fund themselves into their 70s.

It comes after research recently carried out by R3 found seven per cent of those struggling with debts have consulted a loan shark as a means of getting finance.

Posted by Rory Mallon