It might seem like many pensioners are sitting on a goldmine, with the average over-55 homeowner owning £311,000 worth of property. But new research shows that the reality is a lot bleaker. Many are worried about making ends meet in retirement, despite owning their homes outright.
Homes Full of Equity, But Empty Pockets?
The research, carried out by Key Later Life Finance, found that nearly two-thirds of over-55s own their homes without any mortgage. This is a huge amount of wealth tied up in their properties. But the cost of living crisis has left many feeling anxious about their retirement finances.
A Big Worry: Will My Pension Last?
Almost 70% of over-55s are concerned about whether their retirement income will be enough to live on. This is a big worry, and it’s understandable. Many people are worried about having to use up all their savings, while others are worried about taking on debt in their later years.
The Mortgage Monster Looms
For those who still have a mortgage, the worries are even more pressing. Around 12% are still paying off more than £150,000! Many of them are concerned about how their mortgage payments will impact their retirement income, and whether they’ll be able to keep up with repayments.
Don’t Forget Your Options
It’s important to remember that there are options available for homeowners over 55. Specialist lenders offer products like Lifetime Mortgages and Retirement Interest Only Mortgages, which can be tailored to your needs.
Get Expert Advice
The research shows that many homeowners are not aware of these specialist options. It’s crucial to seek expert advice from a financial advisor who understands the needs of older homeowners. They can help you find the best solution for your situation, ensuring you have the financial freedom to enjoy your retirement.
Don’t Let Worry Steal Your Retirement
With careful planning and the right advice, you can make sure your retirement is a time to relax and enjoy yourself, not worry about money. So don’t let these worries get you down – talk to a financial advisor today and take control of your future!