The “confidence crisis” surrounding the British pensions sector is deepening, it has emerged.According to Alliance Trust’s annual retirement confidence index (RCI), the gap in those failing to put money away for later life is rising as some 26 per cent of consumers are currently without any form of pension - up from 20 per cent noted last year. However, with evermore Britons set to face financial difficulties later in life, it appears that women could be in line for the greatest strife. Just under a third (31 per cent) of females are currently not making any contributions towards a savings fund, an increase from the 23 per cent recorded during last year’s RCI. Meanwhile, 22 per cent of men are without retirement provisions, up from the 17 per cent noted last year. Also the proportion of people that believe they will receive a state pension has dropped form 40 per cent last year to 35 per cent.It was also revealed by the study that just over half (55 per cent) of Britons aged between 19 and 29 have not made any savings for later life. However, with this in mind, only six per cent of consumers in the age bracket […]
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Your home is probably the most expensive thing that you own. The equity in your home represents a valuable investment that represents security in your future. When you own your home, you have many options for tapping into the equity of your home to take care of your financial needs.
Many homeowners choose to refinance their mortgages when interest rates are low as a way to get funds to pay off other bills or to free up their monthly cash flow as a result of having lower mortgage payments. Another option that many homeowners take advantage of is the opportunity to get a home equity loan for the purpose of building a cash nest egg and paying off other debts.
Homeowners 62 and older have another excellent opportunity for benefiting from the equity of their home. This option is the reverse mortgage, and it is designed to allow homeowners who have reached retirement age to generate an income stream based on the equity they have in their homes.
Reverse Mortgages Explained
Since reverse mortgages have only recently starting catching on with homeowners, there is a great deal of confusing regarding what reverse mortgages really are. […]
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