In retirement, every penny counts, and so it is unfortunate that many living on a pension could be paying far too much than necessary for services and utilities.
In spite of the media emphasis on the benefits of comparison websites, it seems that many people are failing to shop around for better deals on things like insurance, telephone tariffs and energy, preferring to stick with their existing provider. But is better the devil you know really the right course of action? If there is money to be saved then surely it is worth spending some time seeking better deals?
Perhaps the issue is that there is too much information available and that trying to obtain quotes can become overwhelming suggests Gordon, specialist equity release adviser at Bower. He says:
‘Part of our equity release advice service includes investigating whether savings can be made that could reduce outgoings and in many cases we do find that simple changes can make quite a difference. Combining this with equity release could make a difference to the quality of life in retirement, allowing older homeowners to do many of the things they dreamt of, like taking regular holidays and treating their families.’
The two ways to boost retirement income then: release tax free cash from a property, and review outgoings. Managing Director of Bower, Geoff Charles, says: ‘Choose a specialist equity release adviser that offers truly independent, in depth advice, preferably one that has won an award for that advice, and you can be sure your entire financial situation will be reviewed.’
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information e-mail [email protected] or call 0800 4118668. Bower offers a no obligation initial consultation to homeowners considering Equity Release.