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Equity Release Council launches white paper – Equity release rebooted: the future of housing equity as retirement income Wealth amassed by homeowners via mortgage capital repayments increased by 54% from £40.7 billion in 2005 to a record £62.7 billion in 2016 Total homeowner equity in England alone reaches an unprecedented £2.6 trillion, with £1.8 trillion belonging to over-55 households – a figure forecast to double by 2036 Housing equity can ease the retirement income crisis as defined contribution (DC) pension savers face a pension equivalent to only 15% of their final … [Read more...] about Wealth accumulated via mortgage repayments reaches a record £62.7 billion in 2016 as UK faces a retirement income crisis
Have we reached the point where the average working life isn’t long enough for us to buy a home? That’s the picture emerging from another week in which there was another raft of data about incomes, savings, mortgages – and house prices. At one end of the lifespan are older home owners stuck with mortgages, inadequate pensions and looming care bills. They’re not going to be able to pay off their mortgages and they’ll have to sell up, downsize, take out lifetime loans in the form of equity release – or, like their much younger counterparts, rent. Official figures suggest there are over … [Read more...] about The average working life isn’t long enough to pay for a house!
Two-thirds are unaware, unwilling or unable to face financial facts Pressure on savings up by 29% for men and 14% for women since 2009 Nearly one in ten believe they will have to sell their homes in retirement 8 May 2013: Two-thirds (66%) of UK adults are unaware, unwilling or unable to address the financial challenges facing them in retirement, according to research by The Equity Release Council. Examining people’s approaches to financial planning for later life suggests five distinct personality types exist. The two-thirds who are struggling to save fall into three categories: … [Read more...] about UK adults in denial about retirement savings shortfall