COMMENT FROM WILL HALE, CEO AT KEY, THE UK’S LEADING EQUITY RELEASE ADVISER, ON MONEY AND PENSIONS SERVICE RESEARCH FOR PENSION AWARENESS DAY SHOWING THE OVER-50s ARE NOT PREPARED FOR RETIREMENT
17 September 2020
Will Hale, CEO at Key, said: “Planning for a life event which could be more than 25-years away and mean different things to different people is daunting so the over-50s might be excused for taking their time - particularly given the current economic uncertainty. That said, events such as Pension Awareness Day can help by highlighting issues and concentrating minds on the need to prepare as even taking small steps early in your journey towards retirement can pay dividends.
“While building up state, workplace and personal pension pots is obviously a good way to prepare for retirement, over-50s need to consider how all their assets can support their aspirations for later life. Key research suggests that those retiring in 2020 own property worth more than £142.5 billion with an average of £388,900 each and nearly one in three plan to use it as part of their retirement planning.
“Whether they are downsizing to realise cash, re-mortgaging to a better deal or taking out equity release it is clear that property is playing a bigger role in how people look to manage their finances in later life. Working with a financial adviser can make a massive difference in being as retirement ready as possible and getting specialist advice on later life lending options is crucial to ensuring people make the best use of their property wealth. “