Retirement: Pensioners are £100 billion in debt

A new survey has found that pensioners owe a staggering £96.4 billion in personal debt. The research, conducted by Annuity provider MGM Advantage, shows that the average pensioner has personal debt of £8,120 and that 40% of the retired population are in debt. Debts over £100,000 Men carry the highest amount of debt, owing on average £9,000 compared to the average debt for women of £7,350. A large number of retirees, 2.5 million, have relatively small amounts of debt of less than £5,000, but over 180,000 pensioners worryingly owe over £100,000. Alarmingly over 500,000 pensioners don’t know whether they are in debt or not. Reasons for ...

Everything you need to know about the “Granny Tax”

Up until lunchtime last Wednesday the term “Granny Tax” had rarely if ever been used, now everyone seems to have an opinion about it. “Granny Tax” was quickly trending on Twitter and with headlines like “Pensioners robbed”, “The great granny tax grab” and “Robbed”, there was no doubt what the newspapers thought. But what is the “Granny Tax”? How will it affect you? How much will it cost you? Read on to answer all these questions and more. What has changed? The changes were made to the age related Personal Allowance, which is the amount an individual can earn before paying tax....