Two thirds of homeowners want to downsize at retirement, says NOW: Pensions
“Over the next ten years, we estimate that 7.7million* people will retire. Our recent research** revealed that downsizing their property is the preferred route for two thirds (63%) of non-retired UK homeowners to release their property wealth. Two in five (39%) agree that it’s important to have the option to access their housing wealth.
“To be able to downsize, there needs to be enough suitable homes by the time they retire, of the types of homes that retired people want to live in. It is encouraging to see the Communities’ Secretary and Prime Minister tackling this issue head on.
However, people cannot be led to believe that they can rely solely on their home to provide their retirement income, so at the same time the Government needs to ensure that people are saving enough into their workplace pension if they are to enjoy a decent standard of living in retirement.”
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