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Loan refunds: Rising cost of living 'undermining retirement dreams'

Loan refunds could come in handy to people in Britain who are currently making retirement plans, as millions of Brits across the country are having to shelve their plans because of the rising cost of living.

Research by MGM Advantage, a specialist in retirement income, 700,000 retired people have had to return to work on a part-time or full-time basis in order to combat increased living costs.

It revealed that around four million retired Brits have had to cut back on their daily expenditure, while a quarter of a million have been forced to seek financial assistance from relatives.

Craig Fazzini-Jones, director at MGM Advantage, said: "The pressures facing retirees have increased significantly over the last six months as the rising cost of living continues to erode their disposable income.

"So it is essential they make their pension fund work as hard as possible by making the best decision on how they turn their fund into a retirement income."

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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