Tuesday 31st of August 2010
Individual voluntary arrangement (IVA) questions could offer priceless information to those of you who have misjudged the cost of living during retirement.
According to new figures from MGM Advantage, the financial reality of life after work is often very different to what people expect.
The Retirement Nation 2010 report shows 57 per cent of adults think they'll take more holidays once their career is over, with a 54 per cent expecting to take up new hobbies and activities.
However, the study also revealed one third of retirees have had to cut back on their spending since leaving employment due to money troubles.
Questions on IVAs could, however, show those of you with escalating debts that it's possible to get your bank balance under control in time for retirement.
The method of insolvency is only available to those who are currently in full-time employment and have the means to meet around 60 reduced-rate, monthly repayments.
But it might leave you completely debt-free and mean your income isn't completely swallowed up by your debilitating deficit, allowing you to plan ahead and ensure you're finances look healthy for when you finish work.
Craig Fazzini-Jones, director at MGM Advantage, said: "Sadly too many people have unrealistic expectations of their retirement and many expect it to be one long holiday. While this can certainly be the case for some, the reality is much tougher for the vast majority."
By Chris King
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