A recent poll of independent financial advisers conducted by AXA Wealth revealed that many people in the UK are putting off retirement planning until the last minute, with nearly one-quarter of clients waiting until six months before they retire to get their finances in order.
The state pension, at just over £100 per week, is not sufficient to maintain the lifestyle that many have become accustomed to. Despite this, research from Scottish Widows has shown a significant drop in the amount of money people are putting aside for their retirement.
This combination of late retirement planning, lack of savings and an inadequate state pension means that many people could face a more challenging retirement than they anticipated.
If you find yourself in this position, you need to consider ways in which you can boost your retirement fund and one of the most obvious options is releasing equity from your home through a company such as Key Retirement Solutions.
For many people, their home is their most valuable asset and with life expectancies increasing and the cost of social care rising, the cash locked up in a property can help alleviate some of the financial burden they face.
To qualify for equity release, you must be over 55 and own a house in the UK worth at least £50,000.
There are various equity release schemes available and some may have additional criteria you need to satisfy on top of your age and the value of your property.
Lifetime mortgages are an option if you think releasing a lump sum is in your best interests, while drawdown lifetime mortgages work in the same way except that you can release small amounts as and when you need to rather than withdrawing a single sum.
You can sell a percentage of your property to a home reversion company and generate funds that way should you wish and there are also interest-payment and enhanced lifetime mortgages available to you.
If you are interested in releasing the equity in your property to supplement your retirement income, it is imperative that you consult an adviser to outline your objectives.
They will then be able to advise you on the best product for you and explain how it can form a central pillar of your retirement planning.
After working hard for so many years to provide for your family and to put a roof over their heads, you deserve a comfortable retirement and the house you worked so hard to buy can help you achieve it.