According to new research from the Equity Release
Solicitors' Alliance (ERSA), more people are considering equity
release as a source of funding once they are retired. However, new
research shows that people are becoming increasingly receptive to
the idea of equity release, according to the Equity Release
Solicitors' Alliance (ERSA). The research found that people are
not saving enough for their retirement and don't understand how
much money they need to put aside.
At current rates, people need a lump sum of around
£200,000 to generate the UK average net annual retirement
income of £16,332, according to Aviva's Real Retirement
Report Q2 2012. This is equivalent to a net monthly income of
£1,361. But just one in four respondents think they will be
able to save this amount before they retire. ERSA found 46% of
people are currently saving nothing at all and 32% are saving less
than £250 a month.
