The panic is firmly on with many people reaching retiring age. Their savings, which they have nurtured so carefully over the last forty or so years, are producing barely any interest and many see the only solution as having to just keep on working much longer than they had previously thought.
The original dream retirement age of fifty passed by long ago, then the landmark sixty; now approaching sixty five, many would-be retirees cannot imagine stopping work and having enough to live on.
That is why equity release schemes are fast becoming popular as one of the only solutions to being able to retire before you are too old to enjoy your free time. In a nutshell, if you own your own home you can cash some of it in early and take a lump sum to enjoy your retirement years.
The capital that you have taken is then paid out, with interest of course, from the sale of your house after your death. Many people argue that this is not ideal as they had wanted to leave the house to their children, but what is the point of living the last years of your lives either still having to work or having no money? This scheme is not for everyone and it should be carefully looked into to make sure that you understand what you are getting into, but many people do find it the best option.
