The government is encouraging older people to rent out their homes to increase income. Is this ever a good idea?
The old adage ‘my house is my pension’ – predictably popular in an era when house prices boomed – is now accepted to be an unwise approach to retirement saving. But is the government inadvertently reviving an outdated idea? Earlier this month, housing minister Grant Shapps announced that councils are to be given millions to help elderly people “stay independent” by downsizing and freeing up their homes for families. The plan, called the New Deal for Older People, will ease the housing shortage and improve incomes for the elderly, according to Shapps. Councils will be tasked with he...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
