A new study has revealed some of the measures that parents are contemplating, in addition to the basic state pension, to ensure they can have a comfortable retirement.
According to a survey from financial services provider Yorkshire Bank, some 11 per cent of parents would consider downsizing to a smaller home to free up money when their children leave home.
Moving home may represent one way in which couples can boost their retirement savings, along with investing in a personal pension or company pension scheme.
Gary Lumby, head of retail at the banking institution, has commented on the results.
"With the current pensions crisis, climbing down the property ladder could provide one solution to parents who have little savings but are looking to retire and improve their lifestyle," he said.
However, the research also indicated that 23 per cent of parents with young children believe their children may be in their 30s before they can afford to buy a home of their own.
To reduce the likelihood of this situation occurring, homeowners may wish to consider reviewing their financing situation now in order to be less reliant on the basic state pension in later life.
Homeowners consider downsizing to fund retirement, study shows
Pensions Quote Line
0845 108 0505
Homeowners consider downsizing to fund retirement, study shows
Mon, 05 Mar 2007
Recommended links
Your complete guide to pensionsPensions enquiry form
Compare pension deals
Making a Will
Introduction to pension credit
Adults facing tax issues after reaching retirement
Brits facing challenges after reaching retirement
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Pension minister wants to reform benefits - Mon, 21 Jul 2008 |
| Pension accounting concerns - Tue, 08 Jul 2008 |
| Just 5 per cent would let Brown handle pension - Fri, 27 Jun 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.