According to research conducted by the DWP, 40% of older workers are planning to work until into their 60′s and 70′s. 12% will even work “a long time” after being able to claim a state pension at either 60 or 65, for women and men respectively. A substantial number said that the credit crunch had meant them having to rethink their retirement plans. The recession has meant that many facing retirement will have to find other means of providing income for themselves such as working longer or by using equity release.
But using methods such as equity release means that retirees are lessening the amount they had wished to bequeath to their next of kin or loved ones. Another problem is that with property prices lower than they have been for some years, the value that insurance companies are prepared to offer for equity in people’s homes is lower than many would like.
