Plan now and clear existing debt for retirement

Having enough money in later life to live comfortably is the situation everyone hopes they will find themselves in, but for many living with existing debt threatens to derail this. Knowing you will be financially secure in retirement can bring peace of mind, so forward planning and understanding your options is crucial. 

Close up of a mature couple having breakfast in the morning

One in three retiring in debt

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According to a unique study into the finances and ambitions of 1,000 people due to finish full-time work in 2020, those retiring this year face significant debt*.

Almost half (48%) still owe money on credit cards and 14% have an outstanding bank loan. 31% of those retiring also still had a mortgage – a financial burden when traditionally incomes fall.

Using the wealth tied up in your home

With a lifetime mortgage – the most popular form of equity release – you could unlock some of the tax-free cash tied up in your home. There are typically no monthly repayments to make, as the loan plus roll-up interest is repaid when the plan comes to an end. 

Currently, over 65s in the UK have more than 1 trillion pounds’ worth of unmortgaged housing equity and by unlocking some of that, they can help fund a more comfortable retirement.

Download your FREE guide to equity release and find out your options

Don’t put off your financial planning

To safeguard your health, our partner Key Equity Release is now offering all their expert advice in full over the phone.

Key Equity Release offers lifetime mortgages only which is a loan secured against your home. You should always think carefully about securing a loan against your home. Key customers had, on average, access to £90,000 to unlock from their homes last year. Remember, a lifetime mortgage will reduce the value of your estate and can affect your entitlement to means-tested benefits. Your adviser can explain more and tell you about how to guarantee an inheritance for your loved ones.

  • Putting you and your family first: They’re here to answer all your questions on equity release and whether it could help you fund the things you need
  • Looking at your options: They’ll ensure you consider other options such as downsizing or alternative forms of borrowing.
  • A no pressure service: Get all the information you need about equity release for you to make an informed decision in your own time. If equity release isn’t right for you, they’ll tell you.
  • Find out more for free: All of the equity release advice relating to their range of Key-branded products is completely free-of-charge, so you can find out if it’s right for you without costing you a penny.

Get in touch today and find out more about your options

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Research conducted by Research Plus between 18th and 31st December 2019 among a sample of 1,000 people expecting to retire during 2020