Almost a third of older savers plan to release equity to fund retirement

Nearly a third (30 per cent) of over 55s with private pension savings are planning to release equity from their main home as part of their retirement income funding, new research from Canada Life has revealed.

Canada Life’s research also showed that over 55s with higher value pensions (more than £200,000) are more likely than those with lower value pension pots (less than £200,000) to release equity as part of their retirement plan (42 per cent compared to 27 per cent).

Canada Life also discovered that 35 per cent of over 55s on higher incomes (£50,000 per year and over) are more likely to consider releasing equity as part of their income plans, compared to 22 per cent of those earning less than £20,000 and 33 per cent of those earning between £20,000 and £50,000.

Canada Life head of marketing for insurance, Alice Watson, commented: “Retirement journeys are becoming more complex.

“Fewer people are retiring on generous final salary pensions while more people are saving later in life or renting for longer.

“These demographic changes mean that more people are likely to turn to their property to help them support their retirement aspirations.”

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