More & more people will use their homes to plan for retirement

Fri 17/08/2007

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Seven million homeowners say they will use their property to supplement their pensions
Research found that two
 in seven homeowners are planning to use equity release schemes when they retire.

The research also found that a quarter of homeowners surveyed would cut their pension contributions to make mortgage payments because they think they will make up for it with rising property prices.

It claims those aged between 42 and 57 are the most likely to reduce their pension contributions because of property investments.

The research also found that half of those surveyed plan to downsize their homes when they retire in order to supplement their income.

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