Six alternatives to equity release

If you are over 55 and have a defined contribution pension, you might want to consider drawing money down from your pension as an alternative to equity release. Accessing your pension is a significant financial decision however that you will need to consider carefully. With increasing life expectancy and a rising state pension age, it’s vital to think about how you will fund your retirement and consider the long term impact on your retirement income of dipping into your pension savings.

If you have a defined benefit or final salary pension and are considering transferring it to a defined contribution pension to access some of the cash built up in it, this is very rarely the right decision. You can read more in our guide Should I transfer my final salary pension.

For more information about accessing your pension savings you might want to consider reading the following guides:

In addition to our free resources, there are other sources of help available. If you’re 50 or over and have a defined contribution pension, you can get free guidance on the options available to you from the Government’s Pension Wise service.

However, if you want personal recommendations or advice about your specific circumstances, you’ll need to seek professional financial advice. You can find a local financial advisor on VouchedFor or Unbiased, or for more information, check out our guides on How to find the right financial advisor for you or How to get advice on your pension.

If you think you might be interested in speaking with a financial advisor about your pension, VouchedFor is currently offering Rest Less members a free pension check with a local well-rated financial advisor. There’s no obligation, but once you’ve had your check, the advisor will discuss the potential for an ongoing paid relationship if you think it might be useful to you.

Author: wpadmin

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