A new report has found that more than a quarter of those between 55 and 64 years of ageo are relying on their homes or property to help fund their future retirement.

According to uSwitch.com, almost 1.7 million pensioners are relying on property to fund their old age at least in part. Sadly, it says this group alone has already seen just over £46bn disappear from their retirement fund in just 12 months as the average house price has dropped by nearly £30,000.

This means more people will be looking to unlock secured equity from their home, in the form of a remortgage, a secured loan or even equity release.

But those who are approaching retirement age are concerned for their future plans – just over one in ten 55-64 year olds think that they cannot afford to retire. Worryingly, 18% of over 65s who are still working say that they cannot afford to retire either.

The implications of not saving enough or soon enough are clear – retirement could be delayed or even put on hold permanently, raising the spectre of working far beyond 65. Of those who have already retired, 20% had to delay their retirement – 8% of these had to carry on working for a further 5 to 7 years, says the website.

Ann Robinson, director of consumer policy at uSwitch.com, says: "Falling house prices coupled with the stock market crash and low savings rates have combined to take the wind out of the sails of many of those approaching retirement. The economic situation will hopefully right itself in time, but unfortunately time is a luxury those who are a few years away from retirement don't have.

"There isn't an instant solution, but that doesn't mean people should just bury their heads in the sand. They should still be planning and making sure that they are on the best financial footing possible.

The only way you can be more sure of your golden years is to act now. Talk to your financial adviser right away about making the most of your home, your savings and your pension. House prices will rise again, there is no doubt, the key is making sure you are as financially stable when the time comes to take advantage of the chance.

SOURCE: uSwitch.com, 02/04/09

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