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Will you need to sell your home to fund your retirement?

A report by LV has thrown a very dark shadow over the UK retirement sector with a suggestion that 1.2 million people will in the future need to sell their homes to fund their retirement. It would appear that more and more people over 50 are now dependent upon their homes as an asset for the future and will be forced to downsize in due course.

Those who are looking to retire in the short term may well be forced to sell their properties at relatively low prices as a consequence of the credit crunch and the resulting economic situation. As a result of reduced savings and reduced equity in their homes this could lead to a significantly fall in pension income in later life. When you also take into account the fact that state pension payments in the future could well be means tested it seems that we are seeing something of a pincer movement for those in the middle income ground.

Even though more people than ever before have made arrangements for their future, the reduced return on capital invested in the short to medium term will impact upon those on the verge of retirement.

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