Consumption and Real Estate
LV = reports that up to 1.2 million over 50 years can use the equity in the home to supplement pensions
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LV = reports that up to 1.2 million over 50 years can use the equity in the home to supplement pensions
Croydon, London (BUSINESS WIRE) 13 October 2010
LV = found that “the nursing home” has been a common mantra in the workforce over 50 years in Great Britain than by a recent report published in the specialist retirement. Although 54% of people believe about 50 years that has the value of their homes declined in the last three years, an estimated 1.2 million “hippies” is (The house is Plan “) to use the equity in their homes to their retirement savings to complement.
work
Only 19% of over 50 years feel financially on track to retire as planned, while the number of workers over 50 who believe they may have to delay retirement for financial reasons dramatically to 41% compared to only 28% of this time has risen in the last year. The owners of over 50, they feel the property value of 60 billion pounds due to the recent volatility have lost in the real estate market.
However, this is not much help to fund the equity in their homes have been using retirement, with almost a quarter work more than 50 years, are planning a part or the use to finance the full value of their homes for their retirement. The “retirement home” is mantra is so valuable for more than 50 years (20% http://www.lv.com/lifeinsurance/50plus/50_plus_tips_and_advice/why-is-there-specific-life-insurance-for-over 50 – Years – 20LV% =), suggests that 54% of children understand that their investments in real estate as part of their pensions.
would
If you work more than 50 years, on the impact of higher interest rates, LV = s research shows that 40% would reduce their pension contributions only asked to answer the pay increase the cost of debt. More than four in ten (44%) of all employees over 50 years and 34% in the age group 60-69 years at work, have a mortgage on their house.
Vanessa Owen, head of the LV = Equity Release (http://www.lv.com/retirement_plans/equity_release/case_study), said: “It seems more and more common to draw for the semi-retirement in considering the value of their property as part of their overall scheme. doom and gloom continues on the volatility of the housing market and some decline in property value has not prevented the United Kingdom “hippies” and thousands are still positive, the net value of their home their best chance for a more comfortable retirement is. “
Among those who want to use the equity in their homes, almost a quarter (22%) think this is now their best option, because their pensions will not give it hoped its income, and say 13%, which is all they have to leave later on the state pension. Two thirds (64%) of these said they still intend to use their property for their retirement: 52% reduction of their home equity release and 12% to borrow their house through an equity release product
.
Many
over 50 years experience a “double whammy”, after he removes large amounts of the value of their pensions and investments, but is forced to the amount they reduce aside for retirement due to the pressure of living costs during the recession.
Notes for editors
All searches by LV = Opinium research conducted in September 2010 with over 1172 British adults over 50 years in employment.
About LV =
LV = is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group.
LV = provide a number of insurance (http://www.lv.com/insurance/) products, including home insurance (http://www.lv.com/insurance/home_insurance/) auto insurance, life insurance, insurance for pets, and more than 50 life insurance (http://www.lv.com/lifeinsurance/50plus/index).
LV = employs approximately 4,000 people and serves more than 3.8 million customers and members and manages more than 9.5 billion pounds on their behalf. We are the UK’s largest friendly society and a leading mutual financial services provider.
LVFS is authorized and regulated by the Financial Services Authority, registration number 110,035th LVFS is a member of the ABI, the AFM and ILAG. Registered Office: County Gates, Bournemouth BH1 2NF
.
PR Contact:
Linda Winder
LV =
69 Park Lane
Croydon
CR9 1BG
020 7634 4418
Www.LV.com
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