UK Money News
3rd March 2008
Property 'may not provide for retirement'
Britons hoping to use equity in their homes to fund their retirement might not have quite as much money as they had hoped.
The warning comes from financial services provider Standard Life, which has calculated that downsizing and achieving equity of £150,000 would only deliver a weekly income of £130.
Moving from a bungalow to a flat and releasing £25,000 would muster just £22 per week.
"Across the UK many people are pinning their hopes on a continuing strong housing market to provide the retirement of their dreams," said Andrew Tully, senior pensions technical manager at Standard Life.
"The reality is somewhat different," he added. "Our analysis shows retiring and banking on your main residence to provide a sufficient retirement income is a potential retirement disaster unless you have made sufficient provision elsewhere."
High profile collapses have undermined confidence in pensions, but property is still seen as a sound long-term investment.
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