Housing market has hand in retirement delays

Posted: 05 Mar 2009 08:27:47 GMT

As many as 2.2 million Brits aged over 45-years-old are facing the prospect of delaying their plans to retire this year.

Figures from Prudential show that over two million Brits hoping to retire in 2009 will now be forced to delay their plans as a result of the financial crisis, with falling house prices likely to have played a part.

Due to the high number of Brits who rely on the value of their house for equity release in retirement, the rapidly falling house prices will likely lead to a rethink of retirement plans for many.

Some homeowners may choose to sell their property in order to cash in on its value before the market reduces it further, which could offer the opportunity to move the cash into the stock market.

Selling a property online could help find a buyer quicker than a traditional estate agent's window, as a greater number of buyers are able to view the property.

"It is a reflection of the difficult economic situation that so many workers are trying to delay retirement but there are other options available," commented Martyn Bogira, director of DC Solutions at Prudential.



© Houseladder Ltd