Monday 11th of October 2010
Individual voluntary arrangement (IVA) FAQs could help older adults get their finances in order ahead of retirement if they're currently struggling with large unsecured debts.
According to new research from Prudential, 52 per cent of UK citizens over the age of 40 who are still in employment could be at risk of losing income for their pension if their partner dies.
This is because a large number of people - 39 per cent - don't have arrangements in place that will ensure their retirement funds will continue to be paid after the death of one person in a couple.
But what about if you haven't even started saving for your retirement yet because you've been focusing on trying to clear your growing debts?
IVA FAQs could, in this case, be useful, as they could show you there is a way out of your money troubles once and for all.
That's because the process chips away at the money you owe - if it's worth more than £15,000 - on credit cards and personal loans over a period of around five years, potentially leaving you with more cash to stash away for the future.
Vince Smith-Hughes, head of pensions development at Prudential, says: "Talking about money can be difficult enough for many couples but clearly talking about death and money is a step too far for millions."
By Kimberley Parsons
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