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£114,436 is the ideal retirement pot, and you’re probably sitting on it….

  • Over 55s homes are worth £290k on average
  • Over 55s think they need a retirement pot of £114,436 to be comfortable
  • Equity release can help property rich cash poor homeowners release the cash they need

Over 55s say they need £114,436 for a comfortable retirement, according to the latest research from SunLife.

The over 50s specialists asked more than 1,000 people in their 50s, 60s, 70s and 80s, how much money they think they would need – on top of any income they already have – to “feel comfortable for the rest of their lives.”

Overall, respondents thought they would need £114,436. Understandably, those aged 55-59 said they would need more – £180,741 on average, those in their 60s said £101,811 and those aged 70 and over thought a lump sum of £93,801 would be enough for a comfortable retirement.

SunLife’s research also revealed that on average, people aged 55 and over who own their own home have houses worth £290,659.  Most have had their homes for more than 20 years, with the average home bought in 1994 – back then, the average home was worth £51,633 which means an increased in value of a whopping £239,026.

The vast majority – 82% - own their homes outright, while those who do have an outstanding mortgage only have £55,044 left to pay, which is less than a fifth of the total value. That means that all of those surveyed have an average of at £282,623 of equity sitting in their homes, and eight in ten have the full £290,659*.

Simon Stanney, Equity Release Service Director at SunLife said: This is a generation that are generally property rich and cash poor due to healthy increase in the value of their homes, but inflation eating away at pension pots and increased living costs.

“62% of those surveyed said they categorically did not want to downsize, which means the solution for the majority could be to unlock some of the value in their homes via equity release.”

Stanney concludes “Equity release lending has more than doubled in the past two years with someone releasing equity from their home every twenty minutes – a total of eight million pounds’ a day. So it is clear that equity release is fast becoming the preferred choice among people over 55 to fund the retirement they want.”

A comfortable retirement, on the house – attitudes towards equity release among the over 55s

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). 

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan, Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals is not authorised or regulated for this activity by either the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.