ERSA poll reveals most people expect to retire with an inadequate income

A recent poll conducted by the Equity Release Solicitors Alliance found that nearly 75% of adults are aware their pension contributions are not sufficient to fund their retirement adequately.  On top of that the poll suggests about 13% of those polled expect to rely only on the state pension.  This currently provides a single person with just over £6,000 per annum believe about £100 per week. These figures are worrying – since they do seem to show that many are heading for a difficult retiral where shortage of funds will dominate people’s lives.  Of course money is short these days – even for people in work.  It is easy to see why putting off saving now is an easy option for most – even if they are aware of the future consequences. Fortunately many people retiring now or in the next decade or so will have built up equity in their houses.  This will enable many to take equity release loans to supplement otherwise inadequate retiral income.  Carmen MacIver in the Caesar and Howie equity release department comments   “We are getting busier and busier as people turn to equity release loans.  Many clients go for the income draw down options – which mean really they are topping up income from their equity.  We find clients inScotlandare now much more knowledgeable about  ER products – much more so than a few years ago.  But one factor remains constant – generally clients leave the office happy with cheques in their hands!”