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Retiring In Deep Sh1t Even If You Are A Property Owner

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Even if you have managed to get onto the housing ladder you may well be in deep sh1t when you retire.

1/ Over 2 million people are likely to retire with a mortgage still to pay. A huge number of people are remortgaging to raise cash or they may have had a huge mortgage in the first place.

2/ Many retirees with have an endowment mortgage shortfall to pay off of thousands or tens of thousands of pounds.

3/ Many retirees will have secured or unsecured loans to pay off.

4/ Many retirees will have credit card debts.

5/ Many retirees will have potentially expensive maintenance work to do on their property.

On top of that they may have big council tax bills and utility bills and completely inadequate state pensions - one of the lowest in the developed world.

And they are the people who own properties. People who don't own properties may be in even deeper sh1t.

Edited by penbat1

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I'm sure if you are still left renting when you retire life will be a bed of roses as well, lol.

It boils down to this:

People with lots of money will be okay

People with not a lot of money will be in $h1T

£100M in the bank + renting is good (I say £100M to allow for inflation)

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