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Sorry, but life now begins at 55!!


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Sorry, but life now begins at 55

 

By STEVE DOUGHTY - More by this author » Last updated at 09:13am on 27th August 2007 commentIconSm.gif Comments (3)

OlderWomanREX_228x418.jpgWith dependent kids hanging around longer, life now begins at 55

 

 

 

 

If you're 39, there's some bad news. Life doesn't begin at 40.

 

 

In fact, there's every chance you'll have to be at least 55 before enjoying the fruits of your labours.

A survey has found that before that age, many parents are likely to be sinking a large share of their income into supporting children and paying the mortgage.

The suggestion that financial burdens and responsibilities remain until close to our sixties will be a fresh blow for the generation for whom the dream of early retirement vanished long ago.

The study found nearly half of those in their early fifties - 47 per cent - still have children living at home. A smilar figure are still giving financial support to their children.

By 55, the number with children at home has slipped to 17 per cent and only 25 per cent still have to fund their offspring.

At the same age, the pressure of paying a mortgage also starts to ease.

In their early fifties, 41 per cent still had a mortgage. But this figure slipped to 22 per cent among those over 55.

Early retirement, however, remains a possibility only for a minority. Fewer than a quarter of those over 55 had retired.

The study of 900 over-50s was carried out for Birmingham Midshires.

Its savings chief Jason Robinson said: "The saying goes that life begins at 40, but it is interesting to see our research indicates otherwise. This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which take their toll on the age of financial independence."

The survey found one in three Londoners still have children at home after the age of 50. This level is likely to be connected to house prices.

The highest level of financial support for children is in East Anglia, where half of those over 50 are still paying for their children. In Scotland, however, just one in five over-50s still help their children. The low level may be connected to lower student debt and greater Government support for students.

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lol 3 years till my dad be that age... :o wait 2 years :uhoh:

 

lol i think that this info would be different in Spain in few years, 'cause now banks offer people mortgages for 50 years, so if you do it when you are 25, you'll have payed it all at 75 :o 10 years after people age of retirement here... :thinking:

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