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19 Aug 2015

Home considered by many as means to plug pension gap

Equity release specialists, more2life, have published details of research regarding retirees and their attitudes toward their properties when it comes to saving for their golden years, the Moneywise website reports.

The research shows that homeowners aged between 55 and 64 show ‘strong support´ for using their property to fund their retirement, and 51% of those aged between 45 and 54 claimed they regarded their property wealth as a key part to their retirement planning strategy.

In fact, less than one fifth (17%) of those aged over 45 said they would not consider accessing the value of their property as a viable option to boost their retirement savings.

Commenting on the findings, Dave Harris – the managing director for more2life – said: “Pension freedoms have put property wealth at the heart of retirement planning by increasing flexibility over how savers can access their cash.”

He claims that there is a growing demand for retired people to be able to access their home property wealth, with “lots of people in the UK whose retirement will be transformed and their tax bills potentially reduced if they looked at their pension and property assets together.”

In fact, research from unbiased.co.uk has also found that fewer retirees are using annuities to fund their retirement in the wake of more flexibility. Karen Barrett, the chief executive of the financial adviser network, concluded: “There is no denying that the retirement landscape has changes, and what was previously a straightforward transition is now fraught with new questions.”

Copyright © M2 Bespoke 2015

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