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Sep 19
Research undertaken by Oxford Economics and the Office for National Statistics reveal that 23% of pensioners (2.5m) live an impoverished retirement.
Many of these people will be homeowners but only a small percentage will have made use of equity release as a means of improving their pensions and standard of living. (more…)
Aug 15
The sharp fall in the FTSE during August will have come a yet another nasty shock for many investors who are approaching state pension age. With savings rates at an all- time low and a lack of suitable safe alternatives, many of those approaching retirement will have remained invested in equities in anticipation of some growth in their pension pots via the Stock Exchange prior to the purchase of an annuity or entering into income drawdown. (more…)
Jul 25
Figures released by the Department of Energy and Climate Change show that in 2009, there were 5.5 million people classed as living in fuel poverty. The department estimates that there could be four million households in England classed as fuel poor in 2010 and 4.1 million in 2011.
A 14 per cent hike in gas prices and a rise of 5 per cent in electricity costs this year won’t do anything to help alleviate this growing issue. (more…)
Jul 11
The Dilnot Commission has, unsurprisingly, attracted much media attention and comments from Andrea Rosario of Safe Home Income Plans (SHIP) and Claire Barker from the Equity Release Solicitor’s Alliance (ERSA) back the industry’s consensus that the government needs to be doing something to highlight the benefits of Equity Release as a viable retirement funding option. (more…)
Jul 04
The Real Retirement Report from Aviva has revealed that two out of every five people over the age of 55 have faced unanticipated changes to their careers during the ten years leading up to their 65th birthdays, resulting in unplanned financial issues.
The report also shows that one in seven reported having been made redundant; 11% were forced into early retirement and the same number had to cease working due to illness. (more…)
Jun 27
A typical pensioner faces an annual cost of living increase of 4.6% say recent figures published by the Institute for Fiscal Studies. And this could shoot up even further experts reckon, due to fuel bill hikes.
Few of those in retirement benefit from the mortgage rate drops the younger generations are enjoying, yet they face the enormous rises in fuel, food and travel costs. A typical pensioner spends 8.5% on utility bills and 0.8% on mortgage interest compared to 5.5% and 7% respectively spent by the younger generation. (more…)