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Follow on Google News | Inflation Hits Hardest at 50-65: Bower Retirement Equity Release Specialists CommentInflation may have risen from 3.4% to 3.7% in April, but for those in or nearing retirement who spend a larger proportion of their disposable income in areas where costs have risen far more dramatically, they are facing a figure more like 5%.
By: Geoff Charles The Alliance Trust Research Centre conducted the research and came up with the 5% figure based on the premise that 50-65 year olds spend relatively more of their disposable income on transport, and it is in this sector that prices are increasing rapidly at a rate of 11% per year. Petrol alone has risen by 25% in just the past year. Combine this with the fact that increasing numbers are entering retirement with a mortgage but without sufficient savings or pension income, and the outcome equals a rising expectation of continuing to work up to and beyond the age of 70 in order to maintain a sufficient level of disposable income. What about the Retirement Dream? So what of the retirement dream? Holidays; spending quality time with grandchildren; He says, “If a property is owned, why not put the value locked into it to good use? Older homeowners could be sitting on enough equity to be able to release some of it to spend on whatever it is they dreamed of doing in retirement. Equity release can be used to pay off a mortgage and increase disposable income, or utilised as a funding option for home improvements, holidays or basically anything that is desired.” Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration. # # # Bower Retirement Services is an FSA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a no obligation initial consultation to homeowners considering equity release. For more information visit End
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