Equity release in retirement planned by 2 in 7 people
www.moneynews.co.uk > Housing market > Equity release in retirement planned by 2 in 7 people
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Money News |
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Equity release in retirement planned by 2 in 7 people
Fri 3rd Aug 2007
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Fool.co.uk found that five out of nine people are afraid that their pension pot will be too small when they stop work, while approximately half of respondents plan to downsize in retirement.
David Kuo, head of personal finances at Fool.co.uk, said that the housing boom has led many to cut back on payments into a pension plan and instead concentrate on their home.
However, he warned against becoming "overly dependent on one investment".
"They often say that a man's home is his castle, and it seems that for seven million homeowners the home is also a pension fund. But building castles in the air is a dangerous strategy, especially if we haven't put down solid foundations first," said Mr Kuo.
Last week, Saga Personal Finance urged those considering equity release to view it as an advance rather than a drain on children's inheritance.
Related News : Housing market |
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