Pay off debts before you retire, says expert

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Pay off debts before you retire, says expert

People approaching retirement have been told to pay off their debts while they are still working by an industry commentator.

Becky Wilks, a spokesperson fro the Money Advice Trust, has commented that people getting towards the age when they will stop working are an interesting group, as they have to do more with their money.

However, she noted that many people's ability to pay off debts has been affected by low interest rates on savings and investments, but that the drop in house prices could be a factor, too.

"For those approaching retirement, it is important to try and pay off your debts because whatever you have paid into your pension now is not going to increase," she added.

Ms Wilks also pointed out that equity release schemes were not as easy to access as they used to be, which may have affected people's income.

The total debt owed by those who are retired was shown to be £90.4 billion by the Scottish Widows UK Pensions Report, which was published recently.

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