A growing number of people are looking to equity release as a way to boost their pensions, it has been claimed.
The Fair Investment Company asserts that many people are disappointed with the standard of living their pensions will allow them and as such are looking for way in which to boost their retirement incomes .
It notes that many older people benefited from the house-price boom and are therefore property rich but cash poor and want to take out loans against their homes .
Sharon Bratley, chartered financial planner at Fairinvestment.co.uk, says increased interest in equity release is "unsurprising" given the current financial situation.
"An equity release scheme should not be taken out lightly," she adds.
"Remember, this is your home you are dealing with and you should seek extensive advice before taking out any kind of loan ."
Meanwhile, the National Association of Pension Funds recently advised that saving into a company pension scheme is "vital" if people want a high quality of living as they age.
People use private equity to supplement pensions, notes expert
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People use private equity to supplement pensions, notes expert
Thu, 28 Aug 2008
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1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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