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07/09/2011 12:40:51

Trade body warns of retiree downsizing

People who are considering their personal finances and how they may release equity later in life should be aware that downsizing to a smaller property is not a viable financial option for everyone.

That is the warning from Safe Home Income Plans (Ship), the trade body for equity release, which has suggested that it cannot always be used as a way to boost retirement savings, although it is an option for many.

Research of 25 local authorities by Ship revealed that for 32 per cent of those over 55, downsizing may leave them worse off financially or unable to release enough equity to make the move worthwhile.

Andrea Rozario, director general of Ship, said: "For many people, the home is their largest asset and releasing some of the equity will help them finance their retirement. The best way in which to do this depends on each individual's financial situation and preferences."

Mr Rozario said that people could consider both releasing equity from their home and downsizing, if it is financially viable, as "they are not mutually exclusive".

Key Retirement Solutions had warned that pensioners could lose out on £5,000 income by wasting time deliberating about whether to take out an annuity.

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