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How John and Gillian tackled their pension shortfall

We caught up with John, a retired recruitment consultant from Surrey, to find out why he’d decided to go ahead with an equity release plan. His main concern was a lower income from his pension than he would have liked. 

“I had my own personal pension plan, but working self-employed for over 30 years unfortunately meant I didn’t have the benefit of an employer contributing to my pension pot,” explains John.

“Over the course of a few years, our savings quickly began to run out and I had to look into other ways to help.”

It’s all too common to hear stories of people struggling to live off their pension and savings, and a retirement income shortfall is a real threat for many retirees. This might mean that people find themselves with enough income for essentials, but a lower quality of life that they had hoped for. In other cases, people in retirement can find that they’re struggling to make ends meet.
 


John and Gillian are now able to reap the benefits of equity release. 


Luckily, in John and Gillian’s case there was another solution at hand. The couple saw Key Retirement’s advertisement in the newspaper and sent off for a free guide on equity release.

The guide was very informative and clear, so we arranged an appointment with one of Key’s advisers and it took off from there. The adviser was truly independent, with no preference for a particular provider – we felt in good hands. He listened to us and made us fully aware of the whole picture.


After the meeting, John and Gillian discussed their decision with their two children.

“They were very happy for us to proceed and were keen for us to enjoy the money now, while we still can.”

“We have made a lot of home improvements since releasing the money. We’ve been able to install a completely new bathroom, decorated throughout the house, purchase new carpets and a new front door and undertaken essential maintenance, to name a few things.

 “Our daughter also lives in Australia so it will be nice to visit her more regularly without worrying about our finances.”
 
If you’re concerned about a shortfall in your retirement fund, you might find this resource from the money advice service useful. You could also consider looking into equity release: Key Retirement offer independent advice appointments designed to help you decide if it could be the right choice for you.

Unless you decide to go ahead, Key's service is completely free of charge as Key's usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1,499. 

Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. The most popular type of equity release plan, a lifetime mortgage, is a loan secured against your home. 
 

Want to know more about equity release?

Find out whether equity release could help you by speaking to our team today.

Request a call

 

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