Will you fund your retirement with a pension or property?

It was revealed last week that over half of the people surveyed by Lincoln Financial Group felt that their property was a safer investment than a pension. Although research shows the average person pays off their mortgage at 56, around 1.58 million do not expect to clear their mortgage until they are 55.

Mark Hanusiak, 24, painter
I will use a savings fund to help me through my old age. Some people live for the moment and are happy to spend all they have now but I can’t do that. I want to have some savings when I’m older so I can pass my home on to my family.

Ardin Beduin, 26, painter
I will save now for my retirement rather than rely on my home to fund it. I have worked hard to afford my house and I will work hard for the rest of my life so I can pay for it. I don’t want to waste loads of money when I could simply save a little extra while I am young. It would also be unfair to my children who may need my house when I’m gone.

Phil Lloyd, 26, post-production editor
I think it’s a good idea to put all your money into a house while you are earning, then later try to sell the house or take out equity. It’s good to spend money and enjoy life. If I was to keep all the equity in my house, my family would end up losing out because of Inheritance Tax anyway so I’m going to spend it while I can.

Matthew Pinsint, 35, chartered surveyor
I save as much as I can for my retirement. I have a drawdown mortgage but I prefer to put extra money aside. I like to save every month. It gives me a sense of security just knowing that the money is there, especially in the face of a possibly unstable housing market in the future.

Steve Lee, 22, recruitment consultant
I would use my property. I have worked in housing before and have seen a lot of people make money from property. I would be confident that if I invested in my house for 25 years I would be able to make a profit out of it, especially in this country. British properties have always made people money so I will continue that trend.

Jeff Bacon, 29, business development manager
I would prefer not to have to release equity from my property but I can see that it might become a necessity in later life.

I would look elsewhere for money first though, possibly from a pension. Losing part of my property would be the last resort.

Ersan Turk, 25, production assistant
If I had the option I would prefer to save as I like the feeling of having something put away for a rainy day. There’s not enough security in property. The market can rise and fall and I need something set in stone for my old age.

Chris Taylor, 45, property expert
I would prefer to have a balanced portfolio rather than take money out of my property. I wouldn’t rely on equity release. A house is somewhere to live, not a commodity. There are plenty of other ways to provide for your future.