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Any ideas?

First time post, hopefully i am in the right group.

I am 57, employed and single. I have no mortgage on my flat which is worth approximately £150k. I have two pensions worth about £240k. I have no dependents, both parents have passed on. 
My question is, what do i do with my £150k flat? Ideally id rather use the equity in it to supplement my pension then i can retire earlier. Does anyone have any experience in using one of the many equity release firms? Is there another way i can use the equity before i die? I dont really want to move and downsize, my flats small enough.
Basically just looking for some ideas.
Cheers

Comments

  • RHemmings
    RHemmings Posts: 3,191
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    edited 6 February at 1:11PM
    I'm not able to answer your question, but I'm curious about two things. You say that you are single, and have no dependents. Does this mean that there are no close relatives or others that  you are concerned about leaving an inheritance to? (I'm not suggesting that you should.) Also, do you think you might enter into a full relationship in the future? (Again, not suggesting that you should.)
  • Alderbank
    Alderbank Posts: 2,698
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    Welcome to the forum, @GeordieNomad

    A good start for you would be to read what our founder Martin Lewis has to say about equity release  https://www.moneysavingexpert.com/mortgages/equity-release/

    After reading that you might decide it's not for you.
  • Albermarle
    Albermarle Posts: 21,181
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    I am 57, employed and single. I have no mortgage on my flat which is worth approximately £150k. I have two pensions worth about £240k

    In pension terms £240K is not a massive number, but is way ahead of the average.

    As you are still working, even say for another 5 years and you keep contributing as much as possible to a pension+ tax relief + employer contribution + hopefully some investment growth. Then your pot would be worth more.

    Plus maybe you will have some other savings?

    Then at 67? you will get the full state pension presumably ( have you checked?) With only you to look after, and assuming you are not a wild spender, than quite possibly no need to think about equity release or downsizing.

    There is a MSE Pensions and Retirement forum Pensions, annuities & retirement planning — MoneySavingExpert Forum

    Plus plenty of threads on retiring without a massive pension.

    How much to live on — MoneySavingExpert Forum

  • thegreenone
    thegreenone Posts: 958
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    Don't forget SP.  You are the same age as me so will get it in 2033.  Have you factored that in?

    My 67y/o husband retired in November and has applied to be a seasonal car park attendant at a National Trust garden.  It won't bring in much (if he gets it!) but would be useful as a buffer and for holidays.  I work part-time as an event steward.  If you want to retire early, could/would you do something similar?  I'm not stuck to a rigid timetable, just work when I can/want to.

    Sorry, probably not helpful but just throwing ideas out that would avoid equity release.  Those two words make me shudder.
  • theartfullodger
    theartfullodger Posts: 14,379
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    In my experience of sorting out my late brother's estate - his house had equity release - is that they appeared to me a bunch of blood-sucking cheats with "interesting" interest rates:

    But I'm sure others will have other views.

    Best wishes to all.
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