Falling house prices have wiped off £29bn from British pension pots this year as nearly a tenth of the population relies on property to fund their retirement, new research reveals.
With three million working Britons relying on their property to supplement their pension, tumbling house prices have wiped £29bn off the value of their property pension pots this year alone, according to Baring Asset Management. Barings' online survey of 1,574 non-retired adults conducted in July, found a quarter of individuals relying on their home for retirement are aged between 55 and 64 and a further 200,000 are over 65, leaving them little or no time to build up extra capital to help fund their retirement. Relying on homes to fund retirement is particularly prevalent in the East ...
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