Defy the SPA Extension with an Equity Release Plan

 

Defy the SPA Extension with an Equity

 

Release Plan

 

For decades, the state’s pension for women has been 60. It is currently 62 for women and 65 for men. UK Parliament aim to establish equality in society, and quite fairly, have begun debates on matching the State Pension Age for men and women.

 

The Pensions Act 1995 phased an increase in the Women’s pension age from 60 to 65 by 2020.  Current actions see that the SPA for women will start to increase to 65 between April 2016 and November 2018[1]. Indeed, a shock to the pension plan for many.

 

As a result of waiting longer for your state pension, women will encounter up to an additional three years before they can receive their pension.  This will represent a financial loss of up to £30,000. Forecasts show that you would have to live into your late 90’s in order to recoup what you have lost[2].

 

The limited notification period has left little time to make alternative plans and for many will mean continuing to work longer than expected. However, continuing to work is not the final resort.  You can meet your initial retirement plans by releasing equity in your property.  Approved by the Financial Conduct Authority, Responsible Equity Release can help you release the funds tied up in your property. So you can be rest assured and retire at a time you prepared for.

 

The date of which you can receive your state pension is in brief:

 

  • Womenborn between 6 April 1950 and 5 April 1953 have an SPA of between 60 and 63. They will   reach SPA by March 2016.
  • Women born between 6 April 1953 and 5 December 1953 have an SPA of between 63 and 65. They will reach SPA by November 2018.
  • Men and women born between 6 December 1953 and 5 April 1960 have an SPA of between 65 and 66. They will reach SPA by October 2020.[3]

Possible Solution

 

By using a Lifetime Mortgage, you can access your property wealth, tax free, with no monthly repayments.  Be proactive and find out all the info you need to know to make an educated decision regarding your equity.  We offer a no obligation face to face service.  Call us on: 0800 652 2955 for more information.

 

This is a Lifetime Mortgage and will reduce the value of your estate and can affect your entitlement to means tested State Benefits. To understand the features and risk, ask for a personalised Illustration.

 

The service is provided by Responsible Equity Release, which is a trading style of Responsible Life Limited.  Responsible Life Limited is authorised and regulated by the Financial Conduct Authority.

 

Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295.

 

 

[1] Jones, R. (2016).

[2] Jones, R. (2016).

[3] Jones, R. (2016).

 

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    Responsible For Your Comfortable Retirement.
    Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205.

    In using this website I give express consent to Responsible Life Limited to call me on the number provided from time to time. Calls may be recorded for training and quality purposes.

    This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a Personalised illustration.

    Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

    Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.