Retiring Workers Could Turn To Equity Release
With equity release schemes proving popular with thousands of retired homeowners in the UK, more couples and individuals could be set to take out such a plan. This is after the Default Retirement Age was upheld by a High Court Judge despite protestations from Age Concern and Help The Aged.
As a result of this decision, numerous retirees may decide to benefit from an equity release scheme to help support their retirement. The set DFA of 65 years old will remain in law but is likely to be reviewed in 2010.
This decision could tempt many homeowners to look at alternative ways to support their lifestyle in retirement. An equity release plan has the ability to unlock a cash lump sum or regular payments to help you make the most of retirement.
Equity Release An Alternative To Help Fund Retirement
Despite the decision there are hopes that the ruling could be changed in 2010, as Andrew Harrop‚ Head of Public Policy at Age Concern and Help the Aged commented: “In his ruling the judge makes it clear that the only reason he has allowed the law to stand is because ministers have already caved in to our pressure for a review of the law. He makes it clear that forced retirement at 65 is unsustainable.”
With 60% of over-50’s believing that they will have to work beyond their retirement to fund their lifestyle because of the state of the economy; an equity release plan could help.
Brendan Barber, Trade Union Congress general secretary, is quoted on Key Retirement Solutions saying: “The decision of the court will be a blow to working people who need, or want, to work on beyond 65.”
Related posts:
