Presently, the homes of the UK's baby boomers are worth £543 billion, new research reveals.
By 2020, when most of post-war generation is 65, their properties will be worth £1,425 billion, so says a report published by Prudential and Datamonitor shows.
This massive resource, as well as falling pension receipts, means that 13m British baby boomers will use their property to fund part of their retirement.
Bricks and mortar are seen as more important than savings and investments in relation to planning retirement income.
It may be not be timely for people approaching retirement to amass a supplementary source of income using a pension, savings or investments. Nonetheless, the equity tied up in their homes could be used in boosting their funds.
Prudential believes tapping into the equity built up in their homes is a sensible way to at least partially bridge the savings gap that the UK has built up.
There are three main methods to access some of the equity built in to your homes: lifetime mortgages, downsizing and home reversion schemes.
With lifetime mortgages and home reversion schemes older homeowners can access some or all of the equity built in to their home, as a lump sum or a regular life payment for life - without needing to sell their property.
With downsizing, older homeowners just move to a cheaper home and get the difference.
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Baby Boomers Homes Worth A Fortune
Thu, 23 Mar 2006
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