- One in three plan to use property wealth to fund some or all of their retirement
- 53% are confident about retirement but one in five have no pension savings
More than a third (34%) of accountants plan to fund some or all of their retirement using property wealth, according to new research1 from high net worth retirement lending adviser Bower Private Clients.
Its study found one in eight will fund all of their retirement from selling their current home or by relying on investments in buy-to-let and rental income underlining a shift in attitudes to saving for retirement with a fifth saying they have no pension savings.
However accountants are generally confident about their retirement plans, the research shows. More than half (53%) said they were confident with 21% saying they were very confident and 50% have reviewed their pension plans within the last 12 months.
Andrea Rozario, Chief Corporate Officer at Bower Private Clients said: "Accountants can earn significant incomes and can accumulate a wealth of assets like property and increasingly are looking to property as a source of retirement income.
This reflects the changing attitudes across the rest of the population with the wealth tied up in homes seen as a potential source of retirement funding which is driving increasing demand for retirement lending solutions.
The continuing squeeze on pension and investment income means accountants will likely look to consider how best to maximise what will easily be their biggest asset and in turn consider solutions such as lifetime mortgages."
However the average accountant's retirement will be funded mainly by pension savings. Around 54% have defined contribution pensions and seven per cent have final salary schemes. On average 48% of retirement funds will come from pensions and 42% will come from property
Bower Private Clients www.bowerprivateclients.co.uk is anticipating a surge in demand for more specialist advice and bespoke solutions for retired homeowners who need to maximise their property assets.
It is working with private banks, accountants and law firms and offers specialist underwriting for high net worth clients. Its advisers are able to provide a bespoke service with solutions tailored for individual customers.
Introducers referring clients to Bower Private Clients are guaranteed that advice offered will only be on retirement lending. To contact Bower call 0203 817 6051 or email [email protected]