Millions may need debt advice in retirement

Millions of people are risking debt problems in the future by not getting professional advice when considering their retirement plans.

Over four people in five (81 per cent) told the Prudential that they are not planning on consulting an expert when they’re close to finishing work.

Vince Smith-Hughes of the finance company warns the people who prefer to get advice from friends, family and the media that they risk personal debt misery if they are given bad information about their retirement finances.

Fewer than one person in ten (9 per cent) who uses the internet to research the subject go on to speak to a professional about it, but Mr Smith-Hughes has urged them to do so, saying that the benefits more than out-weigh the costs.

Kevin Still, director of Atlantic Financial Management, says: "It is vital that appropriate advice is taken well in advance of retirement age, especially if there is a likelihood that you will need to work beyond retirement age to keep your household finances afloat.

"Atlantic Financial Management sees many over-55 couples and individuals starting debt solutions with high levels of unsecured debt and possibly a mortgage that won't be paid off when they reach retirement age."

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