We have recently carried out a retirement survey on 500 average British retirees looking at their financial situation when retiring and how many people needed to sell their property in order to live a comfortable retired life.
The age of retirement is always on the increase, we can soon expect both men and women to be retiring at the age of 66. Although many people will have either a personal or a workplace pension it may not hold enough money for them to comfortably live. We found that the 70-74 age bracket are supporting the highest monthly mortgage repayments at £710. This was also apparent when ¾ of 45-54 year olds told us they believed they'd have to work longer to afford their homes.
The information and advice we have gathered from retirees has now been offered as a guide to help people set up a life where they can comfortably retire without having to worry about existing debts and monthly mortgage payments.
As 39% of retirees sold their home due to financial constraints, Open Property Group are also here to offer a helping hand if people need to sell their house fast and hassle free.