Debt management solution for the retired

Many people do not have sufficient pensions and are facing financial strife in their retirement. So which debt management solution is right for the over 50s?

According to a leading investment group over half of those aged over 55 are depending on savings and property investment to supplement their pension. But it is estimated 90% of them risk spending all their savings before they die.

The problem is the majority are not calculating living costs when they retire. As traditional pension sources shrink more and more retirees may have to search for a debt management solution to sustain their lifestyles.

Pensions are reducing

State benefits are reducing in value and there has been a seismic shift in government policy - it is expected that we now take more responsibility for our financial welfare in retirement. Simultaneously, company pension schemes are changing to less generous pension contributions from employers. And the fact that working culture has changed means fewer and fewer people receive employee pensions as they move from job to job.

Debt management solution

Although we are constantly being warned to put money into sensible retirement plans and find an adequate debt management solution, it is increasingly difficult in the face of increasing mortgage repayments, higher utility bills and spiralling debt.

Living longer

To add to the burden of paying for our retirement, the average 65-year-old now has a one in two chance of living till the age of 87, or one in 12 chance of making 100. The longer our retirements are, the more costly they become.

Debt counselling

As more elderly people struggle with debt the government has warned that the number of insolvencies is likely to rise.

While credit card spending has decreased in the past year, for the over-53 age group, spending on plastic has in fact increased. The number of people seeking help for debt in the 50s age range has risen by 4%. And even more worryingly, the over 60s have increased their credit card borrowing by a third in just one year.

Added pressures

Finding a suitable Debt Management Solutions in retirement are also more pressing as many people in that age group still have to support children struggling with student debt, or their own parents.

Poor pensioners

A major insurance company revealed that a million pensioners now have debts, and finding a solution for the management of debt is harder when you don't have a regular income to rely on.

Consumer charities are urging more and more financial advice and debt counselling to be offered.

Who are MRA Debt Help?

We are an ethical debt management company offering free, impartial debt advice to anyone struggling with debt, both in the UK and Internationally. We offer debt management where it is suitable and can give advice on alternative debt solutions where it is not.

Why MRA?

Our negotiations skills ensure that our debt managrment clients nearly always pay less and get out of debt faster than with "free" debt management. Our offices are based in Battle (near Hastings) in East Sussex, England.