The Equity Release Council (The Council) will meet with MPs and peers today at the House of Commons to examine the current attitudes of older people towards saving for retirement.
Confirmed speakers include: Steve Webb MP, Minister of State for Pensions at the Department of Work and Pensions; Mel Duffield, the Deputy Director of the Pensions Policy Institute; Dean Mirfin, Group Director of Key Retirement Solutions; and Nigel Waterson, Chairman of the Equity Release Council.
The discussion will be chaired by Heather Wheeler MP, a member of the Insurance and Financial Services All Party Parliamentary Group (APPG). Members of government, opposition parties, and representatives from across the equity release industry will also be in attendance.
The event has been inspired by research conducted by The Council earlier in the year which revealed that nearly two-thirds of adults in the UK were unaware, unwilling or unable to address the financial challenges facing them in retirement. These findings are of particular relevance in light of recent concerns regarding our ageing population, the continued rising cost of living and the increasing number of people finding themselves approaching retirement with insufficient savings.
Before taking questions from the floor, the speakers will discuss the different attitudes that those approaching retirement can take and subsequently present the various options for later life funding that are currently available.
Nigel Waterson, Chairman of the Equity Release Council, said:
“With budgets already under considerable pressure, it is understandable that many are choosing to push retirement planning further down their to-do-list in favour of more pressing matters.
“But unfortunately, this delay tactic could simply cause you more worries later down the line. Retirement planning can be a daunting topic, but the best way to find your way through the maze of options that are available is to seek professional advice from an independent adviser.
“Accessing housing wealth can often be a logical option for those who find themselves reaching retirement asset rich but cash poor, and thanks to the recent house prices increases this potential pool of wealth is swelling. Equity release can allow you to release money from the value of your home without the stress of having to move, and you can even set aside a portion of your estate in case you want to leave this as an inheritance for your children.”
Dean Mirfin, Group Director at Key Retirement Solutions, said:
“Lifestyle priorities clearly dictate for many their motivations through life. Sadly saving for retirement is the one area of neglect at the expense of the lifestyle choices that we have to make. A roof over our heads and ensuring that our children are best looked after may be the core if what many if our finances allow.
The outlook, no matter what we do to encourage saving for retirement, is that this trend is not set to change. For this reason property assets will remain for many a vital part of unintended retirement planning strategies later in life.”