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Tuesday, December 7, 2021

Over one quarter expected to continue paying mortgage into retirement

Over one-quarter of people are expected to continue paying mortgage into their retirement, according to a new survey.

The research, which was conducted by Aviva Life & Pensions Ireland, found that 60% of those with a mortgage on their homes said that it would be repaid fully by the time they reach retirement.

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However, 27% (783,000) will still be paying their mortgage into their retirement.

The highest number of those paying their mortgage into retirement was recorded in those aged 35 to 44 years old at 36.5%, with 21.5% of those aged 55 and over saying the same.

Of those who are still expecting to pay a mortgage, 31% are unsure of how they will pay, 22% will have to depend on the State, and 25% plan to use savings and investment incomes.

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Stephen Rice from Aviva stated, “Our research findings highlight some very real societal issues that need to be debated at policy and governmental level if we are to avoid people living in poverty in retirement or being forced to work well beyond their normal retirement age.”

IMAGE (left) – “File:Dáil Éireann – Election of Taoiseach – 27 June 2020 (50051632532).jpg” by Houses of the Oireachtas from Ireland is licensed under CC BY 2.0

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