The new coalition government has announced that it is to look into the possibility of allowing pension holders to have early access to their savings.
This could come as a boost to a number of households and along with an equity release scheme could help people prepare for their retirement.
Steve Latto, head of pensions at Alliance Trust Savings, welcomed the announcement but called on the government to ensure firm and simple rules are put in place.
"It will be important to ensure that, should this flexibility be introduced, the rules surrounding early access are simple, fair and easy to understand in order to make saving for retirement a more attractive proposition," he said.
"People will also need to be protected to ensure that they can retain the ability to have a sufficient income in retirement without needing to rely on state benefits."
Another way for homeowners to boost their retirement finances is with a lifetime mortgage, which can provide them with a lump sum or regular income with cash taken from the value of their property assets.
Posted by Tom Papworth
