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Home  »News  »Finance News

Government needs to consider equity funding, says SHIP

16/11/2009

The government needs to consider equity release as an option for funding retirement, according to SHIP (Safe Home Income Plans), the equity release trade body. It added that the government's Green Paper on the future of care for the elderly has not done enough to explain all the options available for funding retirement. While the group welcomes the government's report, Andrea Rozario, director general of SHIP said that a more exhaustive review of funding options such as equity release should have been provided. "Under the current system with its maximum asset limits, some older people have been forced to sell their homes in order to fund their care needs. This is a problem we believe will continue under some of the funding proposals in the paper and one that we believe equity release could help with," she said. During the government's consultation on care, which ended last week, it was decided to not significantly increase the tax burden on all UK citizens in order to care for an aging population. Research by Prudential last week revealed that businesses in the UK are expecting the number of staff delaying retirement to reach 1.8 million by 2019 – 6.3 per cent of the UK workforce. Get a free equity release guide and find out how you can get some additional income. Posted by Jez Walters.

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