Funding Your Retirement Solely by Downsizing the Family Home: A Dangerous Game
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| Written by Nick Lincoln, IFA |
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According to a recent survey from Barings, around three million people are planning to fund their retirement solely from the proceeds of 'downsizing' their family home."
The above is from
an article by former Pensions Minister Steve Webb. Mr Webb was unique for a Pensions Minister in that:
- He generally knew his brief.
- He held the post for five years. Before his tenure "The Blair Brown Project" truly was a horror story: between 2001 to 2010 alone, there were eight (!) Secretaries of State for Work and Pensions.
Mr Webb's article was on the subject of downsizing the family home. Downsizing involves selling your current house to purchase a smaller, less expensive one, and in so doing realising a chunk of capital. Downsizing is a common theme in discussions with our retired clients. However, it is only
