Older people are struggling in retirement, often going without in order to make ends meet, research from LV= has suggested.
According to John Perks, managing director of Retirement Solutions at the life and pensions provider, many pensioners were not aware of all their options to maximise their income streams in retirement.
He said: “It is deeply concerning that so many older people are struggling in retirement, often going without life’s essentials, but it doesn’t have to be this way.
“There are many options available, and using untapped housing wealth to supplement other incomes is a route worth considering, as it allows you to free up capital and afford the retirement you want.”
The research from LV= suggested that 32 per cent of those aged 65 and over had incomes that fell below the minimum wage.
Although 83 per cent owned their own home outright, 42 per cent of these said they often had to ‘go without’.
Dean Mirfin, technical director for national equity release adviser Key Retirement, said: “As equity release continues to play an ever important role in the retirement plans of many of the UK’s ageing population, it is appropriate to look back to the regulation introduced in 2004 and through implementation of the MMR, to ensure that regulation is supporting consumers in their access to these lending solutions, rather than creating barriers to greater market growth and product development.”