Does having a default retirement age increase equity release use and financial planning?

19 April 2010

More people searching for independent financial advice are seeking retirement planning guidance than any other form of information, according to a new report.

This could include a number of people who are looking into boosting their retirement funds with a lifetime mortgage, which can provide a homeowner with a lump sum or regular income taken from the value of their property.

A recently-released study from Unbiased.co.uk revealed that 36 per cent of all advice enquiries in March were for retirement planning guidance.

By way of comparison, just 29 per cent searched for investment and savings advice last month.

The news comes at a time when retirement has hit the headlines after the Conservative Party announced plans to scrap the UK's default retirement age.

Karen Barrett, chief executive of Unbiased.co.uk, said: "As the Tories' plans to end the default retirement age puts the election focus on pension planning, our figures reveal it is clear that retirement preparation is an ongoing key topic for consumers.

"Consumers continue to see the value of specialist product advice when they are embarking on complex and long-term financial decisions such as pensions and investments and are searching for an IFA to guide them through their choices."

People looking to plan their retirement finances can see how an equity release scheme could boost their income with an equity release guide from Key.