Everyday Loans for Everyday Life

 

 

More retirees turning to renting

retirementMore and more people of retirement age are returning to renting in a bid to boost their finances later in life.

Research by retirement and insurance firm Prudential has found that 42% of retired renters are former homeowners who’ve sold their property.

This is despite the fact that mortgage repayments are, on average, a smaller monthly cost than rental payments.

Yet things like debts, mounting living costs and the rising cost of retirement has prompted more older people to boost their retirement finances by selling their home.

Around a quarter of people in retirement are currently living in the private rented sector – a figure that’s set to increase in the coming months and years.

“Renting in retirement can make financial sense and accessing property wealth to boost retirement income is a genuine solution for many,” said Stan Russell, a retirement expert at Prudential.

“Our research shows that many retired renters are perfectly happy with this arrangement,” he added.

Of those who had sold their property in favour of renting, 9% said it was to boost their retirement income while 19% said it was to cover the cost of a divorce or separation.

The main reason given for selling up was for paying off any outstanding debts, with 40% of retired tenants giving this as a reason.

Despite many older people almost being forced into renting, 15% said the decision was a lifestyle choice. Three quarters of those surveyed said they expect to rent for the foreseeable future.

“I would urge everyone in the run up to retirement to speak with a financial adviser to help them plan and save for the income they’ll need to cover their costs when they stop working,” Mr Russell stated.

If you are currently living in the private rented sector and are struggling with your finances, a sudden money emergency can be a real issue. Personal loans are available to give you access to the funds you may require. Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.

Related Posts

Tesco Everyday Value range hit by price hikes acro... Food price hikes have been looming for a while, and the effect is starting to show as product prices have as much as tripled in Tesco’s Everyday Val...
Everyday Loans announces the opening of its new Po... Unsecured personal loan specialist Everyday Loans has announced the launch of a new branch in the coastal city of Portsmouth. The new addition to Eve...
What are the benefits of quick decision loans? In an ideal world, nobody would have to borrow money. Unfortunately though, many of us experience financial problems at various points in our lives....
Are personal finances for the over 55s improving? According to the new over-55s Financial Fears Index, the economic situation of older Brits appears to be making a slow recovery. Both the saving an...
Andrew Wayland on GoogleAndrew Wayland on LinkedinAndrew Wayland on TwitterAndrew Wayland on Youtube
Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074