(1888PressRelease)
May 04, 2007 - According to the 'freetirement generation' report, which was commissioned by UK life and pensions provider Friends Provident, 68 per cent of retirees need more than their state pensions to fund their lifestyles.
What's more, only four per cent of those polled believe they would be able to live comfortably on a state pension alone.
As a result, an increasing number of Britons approaching retirement are considering equity release in order to ensure they are in good shape financially.
"Whilst the recent modest state pension increase may see more going into people's pockets each year, our research has found that the vast majority of people need far more money than the state provides in order to live comfortably," Jeremy Ward, head of pensions marketing at Friends Provident, confirmed.
"By ignoring how much they need to save to live comfortably in retirement or how soon they need to start saving, many Brits are facing a potential pension shortfall."
The pension crisis continues to interest UK property purchase company National Homebuyers. Director Julian King sees evidence that retirees are finding alternative ways to raise equity to fund their retirement.
"We receive increasing volumes of enquiries from people enquiring about our sell and rent back solution, where homeowners of any age are able to sell their property but remaining living in their home, as a tenant," he said.
"People are living in their biggest financial asset and we have streamlined and made simple the releasing equity process."
