Did you know that 42% of private renters are retired? Well according to a report by Prudential they are and they pay an average of £423 a month in rent.
The report says that many have sold their own properties in order to release much needed cash. It lists the main reasons for this demographic choosing to rent as:
- A need to pay off debts – 40%
- To increase their retirement savings – 9%
- To pay for separations and divorces – 19%
- Because they can’t afford the cash deposit to buy a home – 35%
- Because they can’t afford to buy a home full stop – 41%
- As a lifestyle choice – 15%
- To financially aid their families
A retirement expert at Prudential, Stan Russell said: “Renting in retirement can make financial sense and accessing property wealth to boost retirement income is a genuine solution for many. Our research shows that many retired renters are perfectly happy with this arrangement.
“However, retirees should be aware of the extra financial burden they could be taking on if they choose to sell up and rent. I would urge everyone in the run up to retirement to speak with a financial adviser to help them plan and save for the income they’ll need to cover their costs when they stop working.”
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