Recently released figures have shown that close to 10 percent of pensioners in the UK still have mortgage related debt that they need to pay off. This is a far cry from the relaxed retirement that many pensioners may have once been expecting. The mortgage debt means that instead of enjoying their golden years many of these pensioners are having to continue working.

In some cases the pensioners still owe huge amounts on their mortgages, and have to look at remortgaging. The research was carried out by the over 50s specialist Saga, which provides a range of services aimed at this age group. Around six thousand people were polled as part of the survey, and the results revealed that 8.6 percent of those aged sixty five and over still had a mortgage.

Another report that was released recently indicated that this was a problem that would only get worse. The report was released by Policis, and showed that a massive 53 percent of people aged fifty or over with a mortgage had a loan that they would still be paying past their 65^th birthday.

Figures from the Office for National Statistics have shown that there are 866,000 pensioners in Britain that are still working. There has also been an increase in the number of women aged 65 or over that are becoming insolvent, with the figure increasing by 42 percent. A rising number of older people have also said that they intend to borrow into their retirement to fund their plans for the future.

The director general of Saga, Ros Altmann, said: ‘There are a lot of people who are going to have to keep on working just to pay their debts. They have no choice.’ Speaking about the number of pensioners that have jobs he added: ‘It is an indictment of the way our savings culture has almost fallen apart.’