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| Thousands in their 50s fear losing homes, says Age UK | Thousands in their 50s fear losing homes, says Age UK |
| (about 5 hours later) | |
| Nearly a quarter of people in their early 50s polled by Age UK are afraid of falling on hard times and being forced out of their homes. | Nearly a quarter of people in their early 50s polled by Age UK are afraid of falling on hard times and being forced out of their homes. |
| The charity says 23% of the 971 people they asked aged between 50 and 55 fear that they will not be able to keep up mortgage payments or rent. | The charity says 23% of the 971 people they asked aged between 50 and 55 fear that they will not be able to keep up mortgage payments or rent. |
| Age UK says that people in this age group should be at the peak of their earning power. | Age UK says that people in this age group should be at the peak of their earning power. |
| But instead, it says, they are beset with financial worries. | But instead, it says, they are beset with financial worries. |
| "We know that times are tough financially," said Michelle Mitchell of Age UK. | "We know that times are tough financially," said Michelle Mitchell of Age UK. |
| "But when a significant number of people aged 50 and over say they are worried about losing their homes, it's a clear sign that many are truly struggling to keep their heads above water," she said. | "But when a significant number of people aged 50 and over say they are worried about losing their homes, it's a clear sign that many are truly struggling to keep their heads above water," she said. |
| Falling incomes | Falling incomes |
| Age UK said the figures painted a "worrying picture" of tomorrow's pensioners. | Age UK said the figures painted a "worrying picture" of tomorrow's pensioners. |
| It said those in their early 50s were more likely to be made redundant than younger workers, and it was harder for them to get back into the workplace. | It said those in their early 50s were more likely to be made redundant than younger workers, and it was harder for them to get back into the workplace. |
| Peter Owen, from Ulverston in Cumbria, is in his early 50's, and lost his job in education when two schools merged. | |
| He has found work again, but it is much lower paid. | |
| As a result he could no longer afford to keep up mortgage payments. | |
| "My wife and I have had to sell our house and now live in rented accommodation," he told the BBC. | |
| "All planning for future generations is on hold," he said. | |
| Anita Hunt, a housing adviser from Lincolnshire, says she's seeing increasing numbers of people over 50 who are struggling financially. | |
| "Many have worked since leaving school and are expected to continue until almost 70," she said. | |
| "Wages are effectively dropping, or they are out of work for the first time ever due to redundancy or ill health, and are floundering," she told the BBC. | |
| Pensions | |
| Those who have already retired have been hit by falling savings rates. | Those who have already retired have been hit by falling savings rates. |
| Anyone with a private pension will also have found annuity rates at a historic low. | Anyone with a private pension will also have found annuity rates at a historic low. |
| Annuities are used to provide people with an annual income. | Annuities are used to provide people with an annual income. |
| Since April 2012, the annual income, or annuity, from a £100,000 pension pot has fallen by £433, according to Age UK. | |
| But there was better news for those over 60 in a recent report from the Institute for Fiscal Studies (IFS), which suggested that those aged 60 or more had seen their incomes rise since 2008. | But there was better news for those over 60 in a recent report from the Institute for Fiscal Studies (IFS), which suggested that those aged 60 or more had seen their incomes rise since 2008. |
| It argued that poverty in old age was being reduced and that pensioners had seen larger rises in their income than any other age group. | It argued that poverty in old age was being reduced and that pensioners had seen larger rises in their income than any other age group. |