Those are the findings of a recent report into the long-term plans of the nations retirees and calls into question perceived ‘downsizing’ ambitions as we grow older. Those questioned said they were simply too attached to their homes to consider moving, with those approaching the age of retirement echoing those sentiments.
Research by investment specialists, Hargreaves Landsdown, underlines how important our homes are to health and happiness – the data, part of a survey of 2,000 people, shows that among those aged 45 to 54, just 17% said they would move to a smaller home, while this fell further to 14% among 55 to 64-year-olds.
Downsizing, in most cases to a less expensive property, allows retirees to use the sale of their old home to boost pension income, or to help a family member onto the property ladder, however, greater flexibility and low rates are raising the profile of Lifetime Mortgages, with Independent Financial Advisors now suggesting these products as another option to achieve their clients’ long term priorities in life.
Here at The Financial Planning Group, we help individuals and families to place their financial affairs in context with future goals and aspirations. We will change the fundamental relationship people have with their money to give them confidence and clarity in their futures.
Speaking with an independent, Chartered Financial Advisor is key to knowing what options are available, and which investment strategy is the perfect fit for your circumstances, so why not call us today on 0800 731 7614 and arrange a meeting at our office in central Teddington?