Key Partnerships launches new retirement funding tool

Key Group’s equity release referral service, Key Partnerships, has launched a new retirement funding tool to help advisers “drive” conversations with clients about retirement planning.
The tool, which can be accessed on the Key Partnerships website, has been created to present a “more interactive and flexible” way for intermediaries and other partners to discuss their clients retirement finances with them.

Key Group also said the tool will provide a holistic review of a client’s assets by taking into consideration state and private pensions, the value of their home, savings and investments.
While many over-55s are homeowners, the retirement specialist suggested they often fail to realise the real difference that their housing wealth could make to their retirement – such as the average amount released being equivalent to more than eight years of full state pension payments.
“We are seeing strong growth in the equity release market, with the recent Key Market Monitor figures suggesting £1.47bn worth of new borrowing was released in the first half of 2020,” Key Group business development director, Jason Ruse, commented.

“However, a significant proportion of people are still not factoring in property wealth when they plan for their retirement which seems wrong when you consider they could release over eight times their annual state pension from their home. 
“To help introducers start these conversations, we have developed this flexible interactive tool that highlights not only what people might expect to spend in retirement but also how all their assets can be used to make their later life more comfortable. Equity release is not right for everyone but including later life lending in retirement conversations only makes sense.”

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