Using an Equity Release scheme to release capital from your home is a good way for those over 55 to add to their retirement pot. This could be the extra support needed if living alone.
Data published recently revealed the number of single over-65s living alone has risen by 15% in the last decade and is set to reach four million by 2020.
Figures from trade body, the Equity Release Council (ERC), revealed over-65s will soon make up half of the single-person households in the UK.
For those in retirement, losing a partner can cause financial hardship. This can often be due to realising that their joint finances were not as healthy as they thought or because they lose some of their pension due to their partner’s death.
While it’s not the only option, Equity Release can offer a solution for those in need of some extra financial support in retirement.
As life expectancies increase, retirements grow longer and more funding is often needed to maintain the lifestyle you’re used to.
Equity Release is one way of adding to your pension pot but it’s not to be entered into lightly.
We always recommend speaking to an expert as each individuals situation is different and an advisor will be able to help you figure out what’s best.
If we can answer any questions about Equity Release please get in touch.