Moneymagpie.com highlights 'major' retirement calculator problem

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Moneymagpie.com highlights 'major' retirement calculator problem

Many people are going into their retirement still paying off debt and it is going to cause them problems, according to a representative from moneymagpie.com.

Jasmine Birtles, founder of the financial advice website, suggested there are a lot of older individuals who have spent their savings on their children or grandchildren.

She described it as a "major problem" for retirees to be saddled with debts, adding: "I think there are more and more people in their 50s, 60s and 70s who still have debt [or] who still haven't paid off their mortgage either."

Ms Birtles offered an acronym for the issue that has left pensioners without any cash for their retirement - KIPPERS stands for kids in parents' pockets eroding retirement savings.

Recently, a spokesperson for Jonathan Davis Wealth Management suggested over-55s face a tough financial outlook, since the cost of living is going up and income from savings has fallen.

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