Money millstones fall away at age of 55

The age of financial freedom arrives five years ahead of standard retirement age, according to a study from Birmingham Midshires - which notes a sharp drop in the number of financial pressures around the 55 mark.

Burdens such as supporting children living at home and making mortgage repayments drop off as parents move into their late fifties, the Life 2 report shows.

While almost a half of late middle-aged people still support children living at home in their early 50s, in their late 50s just one in six have children who still have not flown the nest.

Mortgage repayment responsibilities lift at the same age, with 41 per cent of people in their early 50s obliged to pay off mortgage debt compared to just one in five at age 55 and above.

Over-55s "can look forward to a more relaxing way of life, with fewer financial strains," noted Jason Robinson, director of savings operations at Birmingham Midshires.

And the money released for saving or spending can now be put to better use thanks to a raft of savings vehicles for 'silver savers', including the Saga account offering an interest rate of 6.2 per cent annual interest, launched earlier this month.

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