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Equity Release And Planning For Retirement
06/08/2010
An expert has said that people should be made to look after their own retirement finances.
Following the government’s announcement that it is to review the default retirement age and the state pension system, the Fair Investment Company has said that the current system in the UK is “unaffordable”.
The firm’s head of pensions, Nick Scarret, explained that even if the default retirement age is increased to 68 years by 2046, it will have taken almost a century to rise by just three years. He said: “In the same time, the average life expectancy will have risen by more than four times that. It will be interesting to see what comes out of the review in the pension system, and hope it goes some way to help close the gap between contribution and payments, but whatever happens, the fact remains that there has to be much more onus on the individual to look after their own finances in retirement.”
This might persuade some people aged over 55 years to consider equity release.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help with their retirement planning can find out by contacting therightequityrelease.co.uk for equity release advice.
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