Ready for Retirement? Thousands Aren't: Make Sure You're not one of them
As little as 5% of adults entering retirement feel ‘fully prepared’ says MGM Advantage Retirement Nation’s recent report, down compared to 2008 figures showing 39% ready to retire.
Only 15% took professional financial advice and 8% went to the bank to ask for help. 6% asked a friend what they should do. Just over a third of the 65 plus age bracket still in a job expected to continue working to 71 and 9% to the age of 80 and only 31% managed to rack up a savings pot to tide them over in retirement.
Hugely Worrying Because “so few are unprepared”
Craig Fazzini-Jones, MGM Advantage director, said: “It is hugely worrying that so many people nearing retirement are unprepared for the financial implications of this stage of their lives. Part of the problem is that relatively few people seek professional advice before they retire, but it’s crucial that people are extremely proactive in checking their finances at this time. This lack of financial planning means that more people will have to work longer to ensure that they have an adequate income in retirement.”
Release Cash from your House
Is your house worth a fair bit now since you bought it? If so, why not take some of the value out of it? Whatever you take out will be tax free.
And what could you do with it? Buy a car or caravan? Pay off some debts? Go away on a dream holiday, a cruise maybe? Take the grandkids away? Get that work done on the house? Pay out for a bit of help around the home? Give a bit of help to the family? Whatever you want to spend it on, it really doesn’t matter; you can take a lump sum or a fund to draw from whenever you want.
Managing Director of Bower Retirement Services Geoff Charles says: “It doesn’t matter what you want the money for, you can release cash from your home and spend it on what you like. Take what you need as a lump sum if that’s what’s best for you, or arrange for a fund to be set up and take from it what you need, when you need it.”
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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About the Author:
Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information e-mail info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a no obligation initial consultation to homeowners considering Equity Release. Find out more by visiting http://www.brsequity.co.uk.
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