Pensioner Couples Need £222 a Week
The average pensioner couple will require £222 a week, excluding rent, to be able to live to an acceptable standard. This is according to research carried out by the Joseph Rowntree Foundation (JRF) and, with the pension crisis at the forefront of people’s thinking, it might make an equity release scheme an option in the future.
The study looked at all age groups and demographics and suggested that a single person needed £14,400 a year to live to an acceptable standard.
It also shed light on the growing disparity between the national minimum wage and the minimum required to live an acceptable lifestyle.
Can Equity Release Help with the Cost of Inflation?
The rising cost of inflation, for many of life’s necessities, has been attributed to the increase in the minimum amount needed for an acceptable standard of living.
With many homeowners not having enough income in retirement to match the increases in inflation, they might find an equity release scheme can give them the additional finance required.
Equity release schemes have the potential to unlock a tax-free lump sum from the value of your home. This can be used to supplement income in retirement to help cater for a comfortable lifestyle.
Related posts:
