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Retirement is supposed to be a time of enjoyment. You have the time to do the things you were too busy for while working. Spending more time with family, seeing the world, taking up new hobbies. It could be anything.

But can you really enjoy your well-deserved freedom with money concerns on your mind?

Your retirement income

No matter how well you plan your retirement, things can change

You may have had provisions in place to make sure your time after work was a comfortable one. But that doesn’t always mean it’ll turn out that way.

Alternatively, you may not have been in a situation where you could plan for the future. It’s often difficult to think about what’s further down the road when your attention is needed in the here and now. And now you find yourself in or approaching retirement with concerns about how to tackle your current or future financial situation.

You’re not alone either. Our research shows that the average weekly bill for a pensioner is over a third more than the full State Pension income. That’s a big gap, especially if you still have bills to pay.

Bills in retirement

Although it would be nice, there aren’t many discounts or dispensations available when you hit retirement age. There’s the winter fuel payment, although that depends on your circumstances, a free bus pass, and a few others. And while they’re certainly helpful, none alone will make a serious financial impact.

Yet, that doesn’t excuse you from covering your costs. You’ll still be expected to pay your home essentials, such as gas, electric, water and Council Tax, on top of everything else you may have to fund. That could be anything, from your weekly food shop to insurance policies to your TV Licence fee.

It can leave you wondering how you’re going to come up with the cash and still have some left over to live the retirement you want, especially after considering the reliance on today’s State Pension.

Research shows that more than half of over-45s see their State Pension income as the most important factor to their financial comfort in later life, with that figure climbing to almost two-thirds for those 65 and over. In tax-year 2019/20, that’s just over £168 a week. And that’s only if you receive the full State Pension.

But relying on the State Pension could be cause for serious problems. It’s estimated that a two-person pension household spend around £25,000 a year. That’s £322 a week more than the full State Pension income.

With that deficit, according to research, if you rely on your State Pension alone, you’ll run out of money for the year by September 3. And with bills still to pay, you could find yourself falling into financial difficulties.

There are options available to help you pay your regular bills should you need it, however. Equity release could be one of them.

Equity release

Like thousands across the UK do every month, by unlocking some of the tax-free cash tied up in your home through equity release, you could help give yourself a better retirement

And if you did it to help with your regular bills, you wouldn’t be alone. We’ve helped more than 1 million people decide if equity release is right for them. From those that do, more than 1 in 10 choose to use some or all of their money to cover their regular bills.

It could be by dipping into the remainder of a lump sum pot, a drawdown, or even taking your money as a regular income to always make sure you have enough to hand every month.

With all types of equity release, there are typically no monthly repayments to make or affordability check to pass, as the loan plus roll-up interest is paid back you’re your plan comes to an end, meaning you can rest assured your bills are covered and you can finally enjoy the retirement you deserve.

How do I get started?

Get your free guide

Download your free guide to see how equity release work
Start learning

I want to calculate

Use our free calculator to see how much tax-free cash you could release
Get started

I want to get advice

Book your free, no-obligation home visit with Key Equity Release
Book now

Things to consider

Your specialist equity release adviser will explain:

  • You have to get advice before releasing tax-free cash from your home. Please read all our information and make sure it's right for you
  • A lifetime mortgage, which is a loan secured against your property, is the most popular form of equity release and you’ll retain full ownership of your home
  • All of our plans are approved by the Equity Release Council and come with several protections, including the no negative equity guarantee, which means you’ll never owe more than your home’s value
  • Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for