I read a story today that literally brought a tear to my eye.
The times reported on the growing number of retired people who have taken out debt to fund their lifestyle without any means of paying it back. There are more people going bankrupt in retirement than ever before.
Some of the comments on this article are unsympathetic however I really feel for these people. They have shuffled in to retirement at a time when credit has been too freely available, every airport, every shopping centre, every service station have people pushing credit cards. Many young people don't understand the truth about money so it's a little unfair to think that these people entered into credit agreements with their eyes wide open.
I think this is only the start, unless we take saving for retirement seriously many more people will fall into old age debt.
Younger people say it is difficult to know what you will need in retirement, it seems so far away.
I happen to know what everyone wants in retirement, everyone want something different but I know exactly what each and every person wants.
Each person wants a lifestyle in retirement and the minimum they want is at least equal to the lifestyle they enjoy today.
Its time we started taking retirement seriously
Enjoy yourself
Mark
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