As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
The Prudential is warning people that the current state pension cannot be relied upon to provide a decent standard of living.
A spokesman from the Prudential said that everyone should be putting more money aside for retirement from a much earlier age. Without this financial provision there are going to be many people finding life very hard as they reach retirement, something that no-one wants to see.
According to Prudential figures well over a third of people actually lose sleep thinking about the financial pressures they will face in retirement. This situation can be resolved through forward planning and saving over a longer period of time. As long as the pension provision can be afforded by the individual and day to day living can still be enjoyed then early pension planning can transform the future.
A study of the retirement market by Saga Insurance has shown that equity release schemes are being used by many people to help boost finances in retirement, helping them do the things they want to do with their time.
Contrasting with a more conservative view a few years ago, around 88 percent of those surveyed by Saga Insurance, now feel equity release is a good idea. In the past the more common view was that the home should be left to children as part of the inheritance.
With nearly 80 percent of those aged 60 and over having paid off their mortgages there is certainly a substantial amount of money available that is tied up in property. The equity release option frees up this money to provide a more pleasant lifestyle.
