A worrying 23% of people over 50 have not started sav-ing to fund their retirement, research from Mortgage Ex-press reveals.MEX’s Lifetime Report polled the financial attitudes of 358 equity release and 630 non-equity release customers aged over 50. It found that non-retired respondents had, on average, an annual household income of 25,700. But this more than halves on retirement with retirees surviving on just 11,800 per year on average, including their state pension. Despite detecting a complacent attitude towards saving for retirement, the research also discovered most equity release customers have a mature attitude towards this product. It found 92% went for a lifetime product because they did not want to downsize their accommodation and 62% looked at all alternatives before opting for equity release. Because of the effect on their heirs, 91% involved their families in the decision-making process while only 3% kept their decision to opt for equity release a secret from their children. In terms of spending the money, most customers took the sensible route with 56% enhancing their home and 61% paying off debts. Gus Park, head of lifetime mortgages at MEX, says: “Our research reveals that the average retiree is living on a household income of 11,800, with a quarter of those who are yet to retire admitting they haven’t even started to save yet. “Equity release looks set to become an increasingly popular option for those looking to enhance their standard of living in retirement.” Stuart Wilson, managing director of Equity Advice, says: “People in their 40s and 50s are galloping into retirement with inadequate provision. They haven’t had the benefit of a culture of saving and the government has let them down. This is a time bomb.”
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LMS says its remortgaging service for packagers is a hit, with 13 firms already signed up. Packagers signed up include All Types of Mortgages, Clear Mortgage Administration, Just Mortgage Packaging, KGB Packaging, Mortgage 1, Mortgage 2000, Mortgage Bureau UK, Mortgage Next, Niche Mortgage Solutions, Oxygen Mortgages, Personal Touch Packaging, Praxis Mortgage Solutions and Trafalgar Square […]
MortgageKeeper says mobile phone texting has not only revolutionised the way people communicate socially but is also forging new opportunities in the way business is done. Texting gets straight to the customer, providing a way of updating clients or field sales teams on the latest opportunities in the market.
The Office of Fair Trading has made a warning order against Darren Russell, the former proprietor of the estate agency and lettings business Homes Direct.Russell failed to disclose his personal interest in the acquisition of a property from a client, and his personal interest in the sale of his property to a purchaser. He thereby […]
Access Broker Services the Secured Loan Specialists have launched an incentive scheme for new and existing intermediaries who introduce secured loan business. The prize includes all flights, transfers, accommodation, entrance tickets etc to the 2007 Masters Tournament in Augusta.Lawrence Ihle, managing director of Access, says: We wanted to reward our existing introducers and also to […]
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.
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