Retirement prospects for people across the world are generally looking in poor. According to new research from the UK by Aegon, one in seven UK homeowners will still be paying a mortgage into their 70s.
The study found that 14% of the people questioned were still expecting to be making payments on their home after retirement age. More than 40% of those surveyed said that they will still be renting at 70. The study questioned more than 700 people between the ages of 18 and 64.
Steven Cameron, pensions director at Aegon, said a combination of homeowners getting on the housing ladder, higher house prices and longer borrowing terms were the main factors in the response.
He said: “Paying off your mortgage in time for your 70th birthday is now far from a given. Inflated property prices mean those getting onto the property ladder are doing so at later ages and are borrowing more for longer. Those left with an outstanding mortgage on their property face the prospect of either budgeting mortgage payments into their retirement or alternatively continuing to work. “We know that one in four people expect to still be working at 70, but not everyone will be fit enough or want to do so.” Mr Cameron continued: “As younger generations increasingly fail to get onto the property ladder, renting a home becomes the long-term plan.”
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