Older workers need to be made aware of all options including equity release

Published: 29/06/2012

Equity release could offer an attractive alternative to older workers who are having to work beyond 65 due to poor pension provisions and depleted savings.

The number of older workers has significantly increased according to figures released by the National Office of Statistics (ONS).

There were 753,000 older workers in 1993; nearly two decades on there are now 1.4million.

The figures are supported by a recent survey conducted by over 50s one-stop-shop, Saga, which has found a growing trend amongst older individuals to delay retirement and remain in work.

While there are a number of individuals who wish to continue working for their own pleasure, a growing number have little other choice but to prolong the 9-5 due to their existing financial restraints and limitations.

28 per cent of men and 25 per cent of women participating in the survey believe they will have to work beyond 65.

Equity release allows homeowners over 55 to release equity from their property whilst retaining the right to remain living there.

Content correct at time of publication