Is Equity Release My Pension

Is Equity Release My Pension?

The Equity Release Council has released its latest market report suggesting that people over the age of 65 are using equity release more frequently now to supplement income and capital needs.

There figures suggest that the number of people taking out equity release is broken down as follows:
2% by over 85’s
22% by over 75’s
58% by over 65’s
18% by over 55’s

These figures clearly demonstrate that it is when people reach their usual retirement age at around 65 that they realise they do not have enough income or capital to live comfortably and therefore must look at their bricks and mortar to supplement income.

Comment

This clearly demonstrates the need for all people working within the financial services arena to address the issue of people simply not saving enough. Financial awareness is key. That said owning property in the United Kingdom given the increasing population and the housing shortfall, we can only see property prices increasing in the future and therefore, people will continue to buy property and the circle of then using this as part of our retirement strategy will continue.