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Over 50s 'should focus on paying off debts'



The Money Advice Trust has called for over 50s to concentrate on paying off their debts before they retire.

A financial expert has called for over 50s approaching retirement to try and pay off their debts while they are still working.

Recent statistics released by Scottish Widows have revealed that the debt burden faced by retired UK homeowners has increased in 2009 to 90.4 billion, up from 72.3 billion last year.

Financial advisory charity the Money Advice Trust has suggested that this has been driven in part by the increased pressure being placed upon pensions and retirement saving due to the recession.

As a result, the group has called on over 50s to ensure they do as much as they can to pay off their debts while they are still on a potentially variable income.

Becky Wilks, spokesperson for the trust, said: "Whatever you have paid into your pension now is not going to increase whereas if you are still working you may get a better job or receive a pay rise."



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