A third of over-50s don’t think they have enough money to provide them with enough income for their retirement, according to new research by SunLife.
In a study of 3,000 adults over the age of 50, SunLife found that women are more worried about not having enough money in later life than men, with only 13% of women over the age of 50 saying they were confident they will have enough money for a retirement income. SunLife, the over 50s-finance experts, found that 36% said they definitely don’t think they will have enough.
By contrast, the study suggested that 22% of men over the age of 50 were confident they will have enough, while 30% said they wouldn’t.
Commenting on the latest research, SunLife equity release marketing director, Simon Stanney, said: “Our research reveals that one in five over-50s don’t have private pensions and that many over-50s are worried about being able to find their retirement.
“But we can also see that one in five have realised the value of their home could help bolster their pensions, either by downsizing or equity release.”
According to the latest research, over-50s homeowners have seen their homes increase in value by around £135k, and 20% of over-50s have said they plan to use this equity to help fund their retirement – 14% saying they will downsize, and 6% planning to use equity release.
Stanney added: “Our research reveals that 62% of over-55s do not want to downsize; this is where equity release can offer a solution. Equity release allows homeowners over 55 to release some of the money tied up in the value of their home without having to move.
“It's tax-free and the money can be used however they wish, so could help make their retirement more comfortable.”
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