Using Home to Fund Retirement is a “Delusion”
Using Home to Fund Retirement is a “Delusion” says former Minister
Steve Webb, Britain’s former Pensions Minister, has stated that planning to downsize your home to secure a retirement income is a “delusion”, according to the BBC. He said that the 3 million British people who are relying on their homes for retirement are in for a shock. Most people doing so would experience a decline in living standards on retirement, Mr Webb was quoted as saying in a report for an insurance company.
The ex-Minister was quoted as saying that most British had a ‘downsizing delusion’ suggesting that even downsizing would not be an easy option due to retirees possibly still having children living with them, or some may still have outstanding mortgages.
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