Uncertainty Surrounds Retirement Finances...We Can Help!
28 June 2011
New figures launched at a recent Parliamentary Afternoon Tea at the House of Lords, which our very own Dean Mirfin attended, highlight the anxiety and worry felt by many consumers over their retirement finances. The figures showed that 34% of consumers experienced anxiety, 31% felt worry and 26% felt confused over their retirement finances.
Uncertainty around equity release was also highlighted in the research with 43% of consumers saying they didn't know if they would consider using it to help finance their retirement. The main reason for this uncertainty is a lack of understanding about the equity release process - 30% questioned said they did not know enough about it. More education and understanding would help to dispel myths such as the belief that equity release takes away the ability to leave a house as an inheritance and that the equity release market is not regulated. In fact equity release is regulated by the FSA and certain plans can safeguard some part of a home as inheritance.
With just 13% of consumers having a financial plan for retirement which they stick to, these are worrying figures showing an urgent need for education and support. Many feel that the Government is key to providing consumers with this education and training and helping them to make decisions about their retirement finances.
Confused about your own retirement finances?
We can offer independent advice on equity release and explain how releasing capital from your home can help ease your retirement finances. Our expert advisors will talk you through the pros and cons explaining how all plans reduce the value of your estate and can affect entitlement to benefits. Call our UK based call centre on 0800 531 6027 for your free no-obligation initial consultation. Lines are open Monday - Friday 9am-5.30pm.
Did you know - we also offer an annuity service which helps to make the most of your pension pot. This service is completely free to you as we receive payment from your provider. Let Key find the right annuity for you, call us on 0800 531 6027.
This is an equity release plan. To understand the features and risks ask for a personalised illustration.
Key's typical fee is 1.65% of the amount released, payable only on completion of a plan.