One in Three Over 50s cannot afford to Retire

One in Three Over 50s cannot afford to Retire

An independent report entitled 10 Years to Save Your Retirement' produced by MetLife Europe Limited (MetLife) has revealed that only 26% of people approaching retirement age think they are heading for retirement in good financial shape, while 64% do not believe they will have enough money to fund a comfortable retirement.

Worryingly, 32% of those interviewed have no savings at all to fall back on in retirement. These results show what many economic experts believe is an all too common problem: over 50s being caught up in a period where low pension incomes are being stretched even further due to harsh economic conditions.

On average, a pension that includes state benefits of around 18,000 per year is what many people aim for in retirement. Unfortunately only around 25% of retirees will hit their target.

One option worth considering for topping up retirement income isequity release. This involves taking out some of the value built up in a property and is a route many over the age of 55 are taking.

With property values having increased over the years, homeowners generally have a fair amount of equity, which can be used to improve life in retirement. A lifetime mortgage or home reversion plan allows cash to be released, tax free, and then spent on anything desired. Anequity release scheme can be a good way to boost income in retirement so that money worries become a thing of the past.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

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