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Britain's baby-boomers seek equity release advice

Tue 13th Apr 2010

A number of Britain's baby-boomers, those aged between 45 and 65 years, are still planning an early retirement in Spain despite the effects of the recession, according to a new report.

Those who have invested in property could now look at the prospect of an equity release scheme as a way of providing some additional cash for their retirement.

A recently-published report from AXA Wealth has revealed that the average intended retirement age among baby-boomers is 64 years, just below the national retirement age of 65 years.

The report also revealed that 73 per cent of retirement plans have not been changed despite the economic climate seen in the UK over recent months.

David Thompson, AXA's managing director of wealth investments and distribution, said a number of people may be looking to downsize and maybe move abroad for a peaceful retirement.

"The UK property market could witness a glut of properties coming onto the market in the next ten to 15 years, corresponding with a massive hunt for cheaper rural houses and properties overseas" he said.

Those planning a retirement to Spain and intending to keep their UK property could find that equity release plans can provide them with a lump sum payment or a regular income taken from the value of their home in order to boost their retirement funds.

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