The average annual cost of being a pensioner is over £10,000 a year, but there`s plenty of variance across the country, so considering retirement financing routes such as equity release could be a useful idea for some.
Key Retirement Solutions has found that people over the age of 65 in the South East will shell out close to £12,000 (£11,945) each year, with a total spend of £17.7 billion. By contrast, their Welsh contemporaries will pay less than £9,000 (£8,829) each, for a total of just under £5 billion (£4.96 billion).
It could be reckoned that people who live in the South East will earn more during their working lives due to higher wages in that area, but people move about a lot so they could retire to a more expensive area than they lived in while they were in employment.
However, Dean Mirfin from Key warns that the current state pension - and even the proposed new rate - won`t cover even the average Welsh pensioner, so many will have `harsh spending decisions to make unless they have… other assets such as the home`.
With a property, equity release through a life time mortgage is an option that could provide relief, either in the form of a one off lump sum or a regular drawdown amount that can supplement the state pension and any private pensions a person may hold.
At First Choice Finance, we`ll look into our lenders products to see which equity release lifetime mortgage plan may work for you. We`ll then present it on a no obligation basis, for you to decide if you want to go ahead when you are ready. Bear in mind your income and credit history are not normally a factor in this type of releasing equity so get in touch to find out what is available for you through First Choice Finance.
Find out more about the equity release plans that could make retirement much more comfortable, head to firstchoicefinance.co.uk or call for free 0800 298 3000 or on your mobile its 0333 003 1505.
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