A new research report indicates how wealthier UK homeowners consider their residence in their inheritance and retirement plans. The survey consulted consumers in the over-45 age bracket earning £75,000 or holding the same sum in accessible assets and concluded that based on its findings more advisors should now be discussing property as an asset class with their clients.
Many UK workers look to specialists in retirement planning in Shropshire, Hampshire among other affluent areas. Wealth managers help their clients to make plans both before and after they retire, but also assist with portfolio management to generate income and estate planning to pass wealth on to beneficiaries.
The survey found that 25% of respondents planned to pass their home to the next generation as inheritance for the next generation. However, 19% of wealthier British homeowners see no role for property in their plans for later life with this statistic dropping to 13% for those in the 66-75 age bracket.
According to the research, a third of wealthy Britons will use their homes to provide financial support. Around 38% intend to use their home to aid their retirement, while 19% aim to access equity when they require it. Furthermore, a total of 15% plan to downsize their home to boost their current retirement assets.
Although 65% of wealthy property owners stated they do not have a mortgage, they do admit that upkeep costs are increasing.
