ILLUSION AND REALITY

Many people imagine that with retirement comes a pleasant period in a hard-working life. Alas, the reality is far from idyllic for many workers. "Pensioners are burdened with debts of £57 billion from mortgages and credit cards, new figures show. One fifth of retired people are still paying off a mortgage and a third owes an average of £5,900 on credit cards and loans, says Scottish Widows, the insurer. The 11 million pensioners who are still making repayments owe an average of £38,000 on their homes, compared with £35,000 last year. One in eight owes more than £50,000." (Times, 13 August) RD