Wednesday 15th of September 2010
Individual voluntary arrangement (IVA) FAQs might answer people's questions on how they can get out of the red before they retire and ensure they can plan sufficiently for their post-career life.
According to new figures from Prudential, growing numbers of women currently expect to rely on their partner's pension when the time comes to leave employment for good.
Research by the firm - entitled Retirement Shock - showed over 28 per cent of females aged over 40 who had not retired and live with their other half state their intention to do so.
In addition, 22 per cent say they will simply make use of the state pension and other benefits for their main income in retirement.
However, the study also reveals 34 per cent do not even know the details of their partners' savings, which may be worrying given 62 per cent of men over the age of 40 only have pensions that will be able to provide an income for them alone.
IVA FAQs could, though, offer support to those of you - man or woman - who are aware of the need to start creating a nest egg for your retirement but are burdened by unsecured debts.
The measure cuts the money you owe on personal loans and credit cards - if it's worth over £15,000 - with the help of around 60 reduced-rate monthly repayments.
And you might find an IVA leaves you completely debt free, with the opportunity to make your money go further and start filling your coffers in time for retirement.
Vince Smith-Hughes, head of pensions development at Prudential, comments: "Relying on someone else's pension and savings and the meagre amount provided by the state to support you in retirement is an extraordinarily risky strategy.
"While [women are] still working and have got many years to go before they retire … now is the time to take control of the situation and their own destiny and start making retirement savings plans."
By Neil Burton
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