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A new survey shows many over 50s don’t have enough money to retire and that over a third of women have no private pension.
A third of people over 50 don’t think they have enough money to provide them with enough income for their retirement, with women more likely to say so, according to a survey from insurance company Sunlife.
Its survey of 3,000 over 50s found that just 13% of women over 50 say they are confident they will have enough money for a retirement income while 36% definitely don’t think they will have enough. In contrast, 22% of men over 50 say they are confident they have enough and 30% say they don’t.
Women are also less likely to have a private pension. Overall, 28% of over 50s do not have a private or company pension, but amongst women, the figure rises to 35%.
Many are looking at alternative sources of income to fund their retirement: 27% are hoping their partner or spouses’ pension will fund their retirement, rising to 30% of women; 12% say they are going to continue to work to provide an income; and 11% are expecting an inheritance.
Sunlife says others are looking to use the equities or to downsize. Its research shows homeowners over 50 have seen their homes increase in value by around £135k since they bought them. 20% of over 50s say they plan to use this equity to help fund their retirement while 14% say they will downsize.
Simon Stanney, equity release marketing director at SunLife says, however, that, when it comes to it, most over 50s don’t want to give up their homes.
He states: “Our research reveals that 62% of over 55s do not want to downsize; this is where equity release can offer a solution. Equity release allows homeowners over 55 to release some of the money tied up in the value of their home without having to move. It’s tax-free and the money can be used however they wish, so could help make their retirement more comfortable.”