Ask the expert: How can I fund my retirement years?

With longer life expectancies and a changing landscape of retirement planning, it’s normal to have some questions about how to fund your retirement years. 

It’s important to consider what your goals are for retirement, is that maintaining your current lifestyle or ticking off long-haul destinations from your travel bucket list? 

From there, you can start to consider if your current financial plan can maintain this or how you could supplement your finances further.

To shed some light on this topic, we’ve consulted with Andrew Morris, Senior Equity Release Advisor at Age Partnership. 

How much money do I need to retire?

“I’m finding that many people do not know how much they need to retire. 

The government’s most recent data shows the average weekly income for pensioners in 2023 to be £387. This works out at around £20,124 per year.

How can I supplement my retirement savings? 

“For many people, one of their biggest monthly expenses is their mortgage repayments. 

Many customers I speak with want to repay their existing mortgage so they can reduce their committed monthly income and have more disposable income in retirement.

One option to repay your mortgage if you’re a homeowner aged 55 and over, could be through releasing some of the equity tied up in your home, known as equity release.

With a lifetime mortgage, the most popular type of equity release plan, you continue to own 100% of your home.

Could equity release be right for me?

“It’s important you speak with an expert if you’re considering equity release as a way to raise retirement funds, and advice is required before proceeding with equity release.

Age Partnership is a trading name of Age Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Registered address, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB.