Sunday 14th of March 2010
If you are worried about having a money-conscious retirement because of the significant amount of debt you are currently in then you may want to sort your finances out before you leave the workforce.
A new survey by the National Association of Pension Funds (NAPF) reveals that over 70 per cent of employees think that being financially secure will make them happy once they retire.
But if you cannot image ever being free from debt troubles because you simply cannot keep a handle on repayments then now could be the right time to ask a professional some questions on individual voluntary arrangements (IVAs).
IVAs clear unsecured debts like personal loans in around five years, which could give you enough time to get your finances in shape for when you do retire.
The NAPF poll says that being financially secure even comes above good health (69 per cent) and being able to travel (48 per cent).
Commenting on the findings, NAPF chief executive Joanne Segars states: "In the retirement happiness stakes, wealth edges ahead of health because it lays the foundation for future life after work."
By Mark Waterman
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Bank of England measures 'may stimulate lending'
