How Can Your Home Equity Help You Plan For Retirement?

If you think it is time to plan for your retirement it might be worth talking to a mortgage broker about your largest asset – your home.

None of us are getting any younger, and these tough economic times have just hammered home the fact that we all need to set provisions aside for our later years – and thankfully it is happening. Legal & General says almost one in three people say they're thinking of saving for retirement.

Claire Evans, L&G unit trusts marketing director says: "It is encouraging to see such a healthy rise this year in the number of people thinking about saving for their long-term retirement income, particularly in the younger age groups.

"We all appreciate the importance of starting saving as early as possible. I can't stress highly enough that the sooner we start saving the better."

So if you want to work out what to do with all your assets, talk to a mortgage adviser about your largest asset. While you may need to set aside money for a pension, you need to discuss your options when it comes to your home's equity.

In years to come it might be necessary to unlock some of that wealth or even downsize your property – but it's good to get an idea of what could be today.

SOURCE: L&G, 12/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog