Pensioners need free financial advice - 04/06/2006
Pensioners are increasingly asset rich and income poor
House Price Slows - June News - Home information packs
Economic experts with the Institute for Public Policy Research are warning against pensioners harboring a false sense of security when it comes to the value of their property in retirement.
One out of five retired people that live on the poverty line have a property worth more than £100,000. The worry is that by selling the property to release equity and buy a smaller home, the home owner will lose means tested benefits.
The benefits system is incredibly complex and old age pensioners need help in understanding their finances say the institute. They believe that pensioners are becoming increasingly asset rich and income poor, that is people living in valuable houses on small incomes.
The institute would like to see more suitable housing for pensioners and free financial advice made available.
House Price Slows - June News - Home information packs
