People retiring over the last twenty years, have on average, seen enormous rises in the value of their homes. Figures show that house prices have risen in England by 42% in the last twelve years alone.
These figures highlight that your home could be an obvious asset to tap into in retirement? Money released from your home could be used to support retirement or help others. For example, helping adult children get onto the housing ladder.
Flexibility to funding your retirement.
The Governments changes to pension regulations have allowed greater flexibility in accessing pensions.
Additionally, people are using other sources of income such as savings and Individual Savings Accounts (ISAs) to support their retirement, instead of immediately taking their pension. This is also partly due to people considering their home as one of these potential sources of income.
This is one of the reasons that we have seen such an increase in the lifetime mortgage market.
Attitudes to mortgages are changing.
Paying off your mortgage was most people’s financial priority before reaching retirement. Research shows that around 1.8 million people over fifty with an interest-only mortgage will not be able to repay their loan. Some might be relying on receiving an inheritance or plan to sell up and downsize.
For some moving home would be the last thing they would wish to do. You might be close to your friends and family. Also, your home can hold some very strong family memories that you do not wish to give up.
This is why your home should be reviewed as part of your asset mix when creating your retirement plan and the same way as your pensions and investment are.
How Anstee & Co can help you with your retirement plans.
The first fact-finding meeting is free. We will not undertake any work for you until we know that we can help you. We will then provide a quote in writing confirming what work we will undertake.
Our financial planners will see you at our offices based in-
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Birmingham, West Midlands
- London, Central London
We also make use of meeting rooms in Bedford, Wellingborough, Towcester, Northampton and Worchester.
Meetings can also be arranged at your home if you prefer.