Almost 10 million Britons over-50s are delaying their retirement just to keep pace with day to day living. More worryingly, a recent report suggests that those currently in middle-age would need to work to 77 to get the sort of pension that many people retiring today enjoy.
Thanks to downsizing, however, property owners can use their largest asset – their home – to opt instead for a modern, retirement apartment which will also free up a large portion of cash to fund their later years.
Almost 10 million people over 50 are now in employment – the largest number since records began in 1992 – and by 2024 it is predicted that one in three employees will be over 50.
There is no doubt that poor financial planning, low interest rates and an underperforming stock market are key contributory factors that may mean many millions will have to face the harsh reality of working well into their 60s and even their 70s.
There is a solution at hand however, which is now been seen by many in later life as a way to stop working and put something aside to fund their retirement.
Russell Baldwin, Managing Director of Silverbridge Properties, says that downsizing not only makes good financial sense but also opens up new social opportunities for retirees.
“There has never been a better time to choose a modern retirement home, suited to the needs of older life and with a ready-made social scene right on the doorstep. The developments we work with are all built to a very high standard and many provide a host of leisure and social activities, such as gyms, swimming pools, restaurants and libraries.”
Perhaps one reason for not downsizing is the physical and emotional upheaval of leaving the family home. And this is where Silverbridge Properties can help.
As property and experts in the retirement market, Silverbridge will make a cash sale for the home, using Part Exchange, which means no estate agents and no viewings. This will provide the owner with a cash lump sum to spend on a new retirement home and, hopefully, a portion left over to fund their retirement.
Silverbridge can also help with the move day by allowing the owner to remain in their home up to two weeks after completion, thereby removing unnecessary stress.
Developers who would like to take advantage of our Part Exchange schemes, please call 020 3780 0780.