Could equity release help Brits without pensions?
A growing number of people in the UK may wish to look into the possibility of equity release in later life.
This is because, according to managing director of Churchouse Financial Planning Keith Churchouse, many employees no longer use pensions as a way of putting money aside.
He stated that they “have not been a popular vehicle for savings in the last decade”.
The expert said this is despite the fact that this kind of contribution could end up being worth more than the original submission after tax relief.
These comments support those recently made by founder of moneymagpie.com Jasmine Birtles, who explained that many younger generations feel they are unable to start paying into a pension as they have other debts and large purchases to save for, such a house.
Equity release could, therefore, be the perfect solution for such individuals when they reach retirement age, as it allows them to unlock the cash tied up in their home.
If you need help with equity release, the team at Ashtons Legal can offer professional advice.
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