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.
Disclaimer: Any information or related news item displayed on this site is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed or as advice in anyway and all users should seek independent advice before relying on any information or comment expressed within the site. All expressions of opinion reflect the views of their respective authors as of the date of publication and are subject to change. Use of Links (hyperlinks) to or from other internet sites may be included at times for the convenience of the user. Synergi Europe and its affiliates assume no responsibility for the content of any linked site. The fact that such links may exist does not indicate approval or endorsement of any material contained on any linked site.