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Quarter of homeowners will need to downsize for retirement

Around 63% of homeowners favour downsizing their property to fund their retirement, according to research by Now: Pensions.

Of the 2,000 people surveyed, nearly 39% think that unlocking housing wealth will be a fundamental aspect of funding their retirement. 

Of those, 24% are relying on their home as they don’t expect to have any private pension savings once they retire.

64% of homeowners aged by 50-69 said that they wish to downsize their home or move to a cheaper area to supplement their pension savings.

Further findings:

  • 44% of respondents who do not currently own their home fear they won’t by the time they retire
  • 47% of non-homeowners said they will rely on state accommodation 
  • 30% of non-homeowners said they will have to continue working to pay their rent.

Adrian Boulding, director of policy at Now: Pensions, said:

“Whilst it’s clear from our research that many UK homeowners remain optimistic that they can fill their income gap by trading down to a smaller house, they need to be cautious, as it’s a well-known fact that there is shortage of affordable and suitable homes that older people want to live in.”

Talk to us today about retirement planning.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.