-- Home sweet home for retired Britons --


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Double your pension income

17,500 per annum in retirement to be comfortable
17,500 per annum in retirement to be comfortable

Employers put off advice for being sued
Employers put off advice for being sued

Retirees dont realise they will still pay tax under new Pension Freedom rules
Retirees dont realise they will still pay tax under new Pension Freedom rules

Over three quarters of retired Britons want to remain in their current home until the end of their life.

Friends Provident research found only 11 per cent of Britons planned on selling or downsizing their property to fund their retirement.

The report, Visions of Britain 2020, published by Friends Provident in conjunction with Future Foundation shows that the desire to stay in one's own home is continuing to increase, as people get older while the intention to down-size declines.

Among people aged 34 to 44, 42 per cent want to stay in their own house when they retire. For people aged 65 plus the proportion soared to 77 per cent.

The research also found only six per cent planned on releasing equity in their property.

Friends Provident said it was worrying so many British adults do not have a pension, however it admitted that an equity release scheme was one solution to improving the circumstances of those planning to retire in 2020 and beyond.

With 55 per cent of Britons planning on staying in their current property when they retire, Friends Provident said equity release schemes may have to be rehabilitated in the public consciousness to help people realise the value of what is often their most substantial asset.

Trevor Matthews, chief executive of Friends Provident Holdings, said there was no doubt people still see their house as an investment, however, it was important to make the distinction between people appreciating the value of their house and actually planning to use it as an asset.

He said: "With increased longevity and the decline of final salary schemes, it is clear that in the future many people will need to consider how they can realise some of the value from their house; as a result we believe that equity release schemes will become significantly more commonplace in the future.

For bespoke pension/or equity release advice contact Credencis.

We are situated near to Derby, Leicester, and Nottingham.

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Views expressed by our author, are the personal views of the author alone, and are not intended in anyway to be construed as advice.They should only be used as guidance and are not necessarily suited to the personal circumstances of every individual in the UK.If you are interested in seeking advice further then please contact Credencis direct.