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Helpless and Hurt- The Over-50 'HIPpie' Generation Speaks Out

A new report has revealed that in the UK 2 million over-50’s are looking to use equity in their home to supplement their retirement income in the future.
Finance, Lifestyle - 28 September 2011   Download IconContent available for download:  
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A new report, now in its third year, has revealed that a third of over-50s (2 million people compared to 1.5 million in 2010 (23% ) look to use the equity in their home to supplement their retirement income in the future - dubbing them the HIPpies generation (‘Home is Pension’).

Over a third (36%) of over 50s still working said they will need to delay their retirement for financial reasons and 16% said they would rather not think about their retirement finances. Only a fifth (21%) believe they are financially on track to retire as planned.

The stock market volatility has caused 45% of over-50s to consider alternative options, and over a third (35%) of home owners over 50 believe that the value of their home has fallen in the last three years at an average loss of £24,651, a total amount of £56 billion. The fall in property prices is causing over a quarter of over-50s (26%) to try to save extra money to offset the drop in value of their home and 25% are simply waiting for their property to increase in value again.

. Introduction:

A new report, now in its third year, has revealed a new generation of HIPpies, or ‘Home is Pension’. 2 million over-50s are now looking to use the equity in their property to help fund their retirement as it has been revealed that the minority are financially on track to retire. The stock market volatility and the drop in value of houses have left over-50s looking to the future with uncertainty and unsure of their options.

So, just what does this mean to the new generation on HIPpies and how uncertain is the future?

Joining us to discuss this further is Vanessa Owen, an equity release expert from LV=.

. Suggested Questions:

What does the research reveal about the HIPpie generation in our area?

So, what is the pension outlook for the over-50s?

What do people need to be considering when thinking about their retirement fund?

Why are a lot of people relying on their homes to fund their pension?

What advice do you have for over-50s who are concerned about their pension income?

Why should people consider equity release when planning their retirement?

If people think their property has fallen in value, is equity release still a good way for them to boost their retirement income?

Where can we find out more information?