Wednesday 24th of March 2010
Britons who are looking forward to the age where they can put their feet up and take a well-earned break from working life by retiring may find the process easier if they get their questions on individual voluntary arrangements (IVAs) answered as soon as possible.
That’s because the recession has forced many UK adults to put off plans of becoming a fully-fledged pensioner, according to Prudential, with one potential reason being because credit card bills and personal loan repayments need to be met.
Recent research from the firm shows three million people over the age of 45 are delaying plans to retire due to the effects of the credit crunch, while 710,000 are worried that they’ll never be able stop working at all.
Which is why seeking IVA answers could be beneficial.
Those of you who are struggling to save for your post-career lives due to hefty credit card or personal loan repayments may be interested to know IVAs clear such debts over a period of five years, which could leave you with more income to fill up your pension pots.
Commenting on the figures, Prudential’s defined contribution solutions director Martyn Bogira says: "It is imperative for people to realise what’s at stake before they come to retire."
Written by Rachel Powell
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