Could equity release help those living a ‘cautious’ retirement?

Posted 12/07/2011

Equity release could be a solution for the many older Brits who are currently living a “cautious” retirement.

New research from Prudential has revealed 43 per cent of those who no longer work do not live life to the full because they are worried about money.

Furthermore, ten per cent of respondents who took a tax-free lump sum out of their pension fund are now questioning the decision.

Many also said they did not fully understand how this would affect their retirement income in the long term.

Head of business development at Prudential Vince Smith Hughes said: “There is no one-size-fits-all answer to the financial choices that people need to make when they retire.”

He added that some older Brits may “wish to explore more flexible retirement products”.

This could include equity release, as it allows individuals to access the cash tied up in their property.

At the end of last month, Aviva’s Real Retirement Report showed the average income of those over the age of 75 has decreased over the past year.

Why not get in touch with Ashtons Legal if you have any equity release queries?