a few pension stats

a few pension stats

November 3rd, 2009

At February 2009, there were 12.4 million people of state pension age claiming a DWP benefit, an increase of 207,000 since February 2008. Of these, 66% were claiming State Pension only. The number of people aged 50+ out of work has risen to 371‚000‚ which is a rise of 3.1% (11‚000) over the last quarter and 43.8% (113‚000) over last year. The number of people over state pension age in work continues to rise – with an increase of 41,000 in the three months to the end of August to 1.4 million, a rise of 77,000 (5.8%) over the previous year. Scottish Widows estimates that one in six (15%) retired people in the UK have an outstanding mortgage, with an average debt of £50,100. They also estimate that a third (34%) are in the red on loans and credit cards and the average outstanding non mortgage debt amongst retired people with debt is £7,344. More than one in 10 workers (16%) who have a pension say that during the past five years they have reduced the amount they contribute or have stopped saving into it altogether, according to the Prudential. MGM Advantage research suggests that 35% of over 55s who are still at work – around 1.85 million people – are now resigned to working longer than anticipated in order to replenish their pension pots while waiting for the stock market to deliver better returns. 23% of over 55s have resolved to work beyond the State retirement age of 65 with no final retirement plan in mind after seeing their pension funds decimated by the credit crunch and subsequent recession. On average someone who requires care in a residential care home may expect to pay in the region of £25,000 per annum. There are more people of state pensionable age than under-16s. There were 11.5 million people aged under 16 in mid-2008 compared to 11.8 million people above state pensionable age. (stats from Credit Action)  For Independent Financial Advice please call Mark or Clare on 02072886400 

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