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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Downsizing funds `not enough to support retirement`

06/03/2008

People who downsize their homes and use the extra money to boost their retirement funds should not bank on the proceeds giving them a better life, new research has suggested.

Moving from a detached to a semi-detached property may only give enough money to fund 35 per cent of retirement, continuing any outstanding debt problems, a study by Standard Life found.

Moreover, moving from an average bungalow to a flat in the UK would release £25,000 of equity, which could produce a weekly income of £22 - or only six per cent of the required retirement income.

Andrew Tully, senior pensions manager at Standard Life, said: "Across the UK many people are pinning their hopes on a continuing strong housing market to provide the retirement of their dreams.

"The reality is somewhat different."

A recent study by AXA found that three out of five male workers retire before the age of 65.


© Adfero Ltd

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according