Pensioners 'want to stay in family home'
Homeowners over 50 in the UK do not want to downsize and sell their family home to fund their retirement, according to recent research.
The study by Bradford and Bingley found that 85 per cent of those surveyed want to stay in their home for as long as is possible, with 26 per cent being prepared to work after the current pensionable age to make that possible.
Gus Park, head of lifetime mortgages at the building society, commented that homeowners will have "tough decisions" to make regarding the means of generating income in retirement, predicting that equity release schemes would increase in popularity.
"Senior citizens who find themselves suffering from a shortfall in earnings should seek professional advice from a financial adviser and run through all available options that suit their circumstances."
Last year, Prudential predicted that state benefits would decrease as a percentage of average pensioner income, forecasting an increased importance of property as a source of retirement income alongside personal pensions and company schemes.
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