Equity release can overhaul your retirement lifestyle!
Image source: http://goo.gl/6G2yb
ver the years, number of people saving for retirement has gone down rapidly. According to the surveys, less than half of working mass in the UK plans their retirement life due to which majority of retirees are lingering under poverty.
So, what causes more than half of the population to not take desirable step to enrich their retirement life? There are number of causes compelling working class of UK to deter on the savings front, some of which are being mentioned at the below.
Image source: http://goo.gl/jq44v
â€˘ Inflation: A significant increase in inflation rate has caused high price rise because of which day to day living cost has gone up sharply. Majority of the people find it difficult to save on the low income and high expenditure. However, if you abide by some of the government schemes, you can save enough amounts to lead a struggle free life in the retirement age.
â€˘ No fruitful retirement plan: Majority of the employers do not sponsor retirement plans to their employees. On the employeesâ€™ front, they also hesitate to participate in the retirement plans, according to a data, approximately 40 percent of employees contribute to the pension plans.
• Economic downturn: Ongoing recession has hit many households, a large number of employees are out of work or do not earn enough to make a saving.
• Unfortunate life events: On certain unfortunate and unwanted circumstances, people tend to use their savings. Footing medical bills is one of such events to turn the fate of many people. Apart from medical conditions, there are more such events adding to the woes of a large number of people.
• Debt: A large number of people are under one or other form of debt. Most of their earnings get consumed in the repayment of loans only, which makes it hard to save for the retirement.
• Education cost: Over the time, education costs have risen sharply. Majority of the students end up paying huge amount of educational fees due to which parents find themselves unable to make a saving for their retirement life.
However, in spite of all such worries, you can still live a comfortable life in the after retirement age. For majority of the retirees, biggest asset is their homes. If you are under traumatic financial condition, equity release schemes can give you a breather by providing loan against your house. Into the recent times, releasing equity from house has fast caught up as trend amongst the older homeowners. If you, too, have a desire to live a desirable and affluent lifestyle in the retirement, go for this plan.
Image source: http://goo.gl/kK12I
Published on Mar 11, 2013
Published on Mar 11, 2013
• There are many social and economical events which deter people to make a saving for their retirement. However, equity release schemes can...