Many people are forced to get by on significantly reduced incomes in later life, making everyday living expenses and monthly bills more difficult to afford. Retirement can cause serious money worries for older people, and some find themselves pushed into problem debt.

Debts are often more difficult for older people to pay off. Older people generally have lower than average incomes and so have little money left over each month to put towards debt repayments. What’s more, over-55s tend to have larger debts than people from other age groups. We have certainly found this to be the case among our clients.

The facts:

• The average annual income of our over-55 clients is only £12,920 (£17,316 is the average for CCCS clients overall)
• The average debt of clients aged 55 and over is £25,826 (£24,274 is the average for CCCS clients overall)

How can we help you?

If you are retired or approaching retirement and worried about your debts, make sure you get expert debt advice as soon as possible. Our online debt counselling tool, CCCS Debt Remedy, can give you the free, instant debt advice you need, and it’s available 24 hours a day.

We have produced a guide entitled Approaching Retirement?, which gives practical money management tips for people approaching retirement and for those already retired. The guide will also tell you about your entitlements and help you plan your later years effectively.