Property wealth is worth more than the total pension savings for nearly six out of 10 over-55s highlighting the increased importance of making the best use of house price growth in retirement planning, new research from Bower Private Clients shows.
Its study found 58 per cent of over-55s estimate their mortgage-free home is worth more than the combined value of their and their partner’s pension savings underlining the need for access to property wealth.
11 per cent would prefer to use the wealth tied up in their home to help fund retirement before turning their pension fund into an income; 25 per cent would welcome the opportunity to to borrow against their property.
Over-55s in Scotland and the South East of England are most likely to have homes worth more than their pension funds – 63 per cent of those questioned in Scotland and 62 per cent in the South East say their property worth more than their retirement savings.
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