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Inflation Hits Hardest Between 50 and 65
09/06/2010
Although inflation has risen from 3.4% to 3.7% in April, it is more likely to be around 5% for those in or nearing retirement that spends a larger proportion of their income in areas where costs have increased far more.
The research was done by The Alliance Trust Research Centre, which provided the 5% figure based on 50-65 year olds spending relatively more of their income on transport, and it is in this area where prices are increasing at a rate of 11% per year.
The increasing numbers entering retirement with a mortgage and without enough pension or savings, means an increasing expectation of having to work up to 70 or more in order to provide a level of income.
What is the answer? Older property owners may be sitting on sufficient equity to be able to release some to spend on anything they might have been thinking of doing in retirement. Equity can be used to settle a mortgage and increase income or spend on anything they wish.
Homeowners aged over 55 years who would like to know how much money the value of their property could generate can find out by contacting therightequityrelease.co.uk for equity release advice.
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