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Debt advice could help retirees without housing wealth

Debt advice could help retirees without housing wealth

- Tuesday, 15 September 2009

Housing wealth can be a useful way of funding retirement, with a report from the Pensions Policy Institute commissioned by Prudential finding that it could play a greater role for retirees in the future.

However, for those that continue to rent and do not have access to such 'unlocked' wealth, there may be other ways of sorting finances to best support those retirement years. Speaking to a debt advice specialist could help with this.

The PPI report found that housing wealth has a number of potential benefits for those looking to utilise, but that the primary one was lowered expenses.

Niki Cleal, director at PPI, said: "The main way that home ownership supports retirement for many people is to reduce living costs in retirement.

"Owning your own home in retirement can reduce living costs relative to paying rent by around 30 per cent for a single person and by around 40 per cent for a married couple."

The default retirement age of 65 is to be reviewed by the government next year.
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