Fixed Retirement Age Won’t Restrict Employees Anymore

The fixed retirement age is to be scrapped, giving employees more options to remain in full-time employment.

However, whilst this freedom to choose has been greeted with positive reviews, some homeowners might decide to use an equity release scheme to supplement their income in retirement.

Helping People Supplement Income

The government is planning to scrap the fixed retirement age in October 2011, thus removing the option for employers to sack an individual when they reach 65 years old.

The decision to scrap this law will help many people to continue in work if they wish. With the issues of funding care and a lifestyle in retirement continuing to grab headlines, allowing people to remain in work will give them the chance to continue earning rather than rely on a pension.

However, others might decide that it is the right age to retire and use alternative sources of income like an equity release scheme.

Equity release has the potential to unlock a tax-free lump sum from the value of a property, to be spent on whatever the homeowners wish. It can help boost a pension income so that homeowners can enjoy a good standard of living.

Related posts:

1. Low, Fixed Interest Rate Lifetime Mortgage
2. Is Equity Release Becoming an Integral Part of Retirement Planning?
3. Recession hits pension funds as almost two million Britons delay retirement
4. Slight House Price Fall Won’t Affect Equity Release Market