Equity release option as savings drop

Posted in Equity Release Video News

16th July 2010

Over 50s should look towards equity release as the amount put into their pension savings dropped by almost £18bn (£17.6bn) last year.

The State of Retirement Report from LV= revealed that a fifth (21 per cent) of those approaching retirement have decreased their savings by an average of nearly £4,000 (£3,800) a year.

Ray Chinn, LV='s head of pensions, urges people closing in on retirement "not to give up on saving at such a crucial time".

He adds that "these days there are far more financial options available… [including] releasing equity from your home."

Worryingly though, only one in five over 50s have sought professional financial advice about what to do about money once they retire.

However, a third of those surveyed admitted that they would trust the information they got on equity release from independent financial advisers.

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