46% of over 45s and 58% of those aged 45-54 see their property wealth as a key part of achieving their desired level of retirement income.
Aviva’s Real Retirement Report 2016 finds that 69% of homeowners own a home that is currently worth more than their pension savings and investments.
Those who plan to downsize expect to release £57,140 in the process.
- 23% of respondents are worried about paying off their loans, with 1 million households
- Carrying a combined £87.2 billion of mortgage debt
- 80% want to remain in their homes during retirement
- 16% expect the need to borrow in retirement
- 56% say property wealth will be needed to pay for life care
- 31% plan to give income to help their children become first-time buyers
- 61% see home wealth as a key part of their inheritance planning.
Clive Bolton, managing director of retirement solutions at Aviva UK Life, said:
“Property assets more than match pension wealth for many older homeowners, so it is sensible to consider bricks and mortar among the options to supplement their savings.
“However, later life brings a host of financial challenges and pressure points, which suggest it would be wise not to place all retirement bets on the house.
“People need to consider if there is enough house to go around and build this into their retirement plans alongside their other assets.”