A good question to ask clients is whether people consider their house to be part of their pension.
Believe me, you will be amazed at how many people say yes, and this is regardless of wealth or social standing.
How they envisage this wealth and how they could use it does vary – for example requiring an income or a capital sum to perhaps help grandchildren.
Clients have also used equity release to buy second homes both here and abroad.
This trend to see houses as part of pensions is frequently repeated in The Daily Telegraph which runs a section on celebrities and how a specific chosen celebrity views money issues.
For example, a recent edition that I read featured Davina McCall who described how she and her husband did up properties to sell on and she viewed their house as their pension.
In the same column a few years previously Ian Botham said the same thing.
These types of comments, which are hardly unusual, repeatedly ram home the message that property is an extension of an individual’s wealth as well as a place to live.
This is a feature of the new generation coming through middle age and heading towards retirement.
A generation earlier would be very reticent to admitting that their house and its money could be used to improve their pensions.
As more people reach retirement with a mortgage this is a conversation that is going to become more and more common.