Solve your pension worries

There a three questions many people of retirment age are asking themselves: how much longer are we all living? What's the right age to retire and how do I bridge the pension gap?

A growing number of us are living in homes that have risen in value by up to 120 per cent in the past decade alone, according to Halifax Bank, and subsequently we are of the mind our later years should be paid for by drawing down some of that equity.

Downsizing – literally moving to a smaller, cheaper home – is one solution, but that may mean leaving a cherished house, locality and friends.

Another option is to move with Dawn Charles' Lease for Life.  With a single one off payment you can purtchase a rent-free lease for your lifetime, in almost any residential property (your discount is based upon your age & the property's value).

Recent research by Norwich Union, shows 22 per cent of the over-55s are concerned about not having enough money in retirement, with only 34 per cent having enough to buy any luxuries at all in later life. A frightening 17 per cent say they will have to rely on family and friends for support after they stop working.

Research shows that women are particularly vulnerable to a poor lifestyle in retirement. Almost one in seven will retire as divorcees, while only 50 per cent of women aged 50 or over have any personal pension provision at all.

Women face a double whammy of disadvantage according to Nigel Spencer of Norwich Union: “They have lower pension provision compounded by a greater life expectancy than men. Currently, a 65-year-old woman retiring now has an average life expectancy of a further 22 years. Add to the mix the fact that she may well have taken a career-break to raise children and this could mean a small pension pot not being able to provide an adequate income for a comfortable retirement.”