Expert warns of 'hardship for pensioners'

 

Expat pensioners could suffer long-term social and financial consequences if they are burdened with additional financial hardship by the UK government's forthcoming Comprehensive Spending Review, it has been claimed.

The comments could see a number of people aged over 55 years seeking equity release advice in order to see how the value of their homes could boost their retirement finances.

According to MGM Advantage, the review should not be at the expense of the UK's pensioner community.

Craig Fazzini-Jones, the organisation's director, said: "Greater focus should be placed on educating those nearing retirement on the best ways to ensure they have sufficient income to maintain a modest standard of living.

"For instance, a key consideration should be how best to offset the negative impact of inflation on retirement income and to check that this income is backed by real assets that can keep pace with inflationary pressures."

Expats aged over 55 years who still retain a property in the UK and are concerned about their retirement income levels can find out how the value of their property could offer them a tax-free cash injection by seeking advice from a reputable scheme provider.