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Lawyers increasingly ‘relying' on property for retirement

Lawyers are increasingly banking on property to fund all or some of their retirement, according to new research.

Some 29% of those surveyed by retirement lending adviser Bower Private Clients say they are planning to use funds from their home or buy-to-let.

The research also found that 14% of lawyers plan on renting out property to fund some of their retirement.

On average more than half of lawyers' retirement funds will come from pensions and 44% will come from property. 

“Lawyers can be amongst the top earners and can tend to have greater spending power for assets such as property,” says Andrea Rozario, Chief Corporate Officer at Bower Private Clients.

“The wealth tied up in homes is a potential source of retirement funding but people who want to remain in their own properties can struggle to access the money efficiently which is driving increasing demand for retirement lending solutions.”

“The continuing squeeze on pension and investment income could lead to more lawyers  considering how best to maximise what will easily be their biggest asset and look at solutions such as lifetime mortgages.”

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