The amount of money Britons are saving into pension schemes has fallen by £18 billion in the last year, according to a new report.
This could inspire a number of people to use an equity release calculator in order to find out how the value of their home could boost their retirement funds.
New figures released by LV= have revealed that the UK’s over-50 population has decreased retirement savings by £3,800 a year.
The study also showed that 37 per cent of those nearing retirement age are “pinning their hopes” on economic recovery.
Ray Chinn, LV=’s head of pensions, said: “Britain’s over-50s have already seen their pension pots damaged by the economic crisis and now many appear to be diverting still more money away from retirement saving to deal with immediate pressures.
“We urge those already close to retirement not to give up on saving at such a crucial time.”
Homeowners who are curious about how the value of their home could provide them with a tax-free cash lump sum can find out by consulting Key Retirement Solutions‘ equity release guide.
Posted by Claire Ford
