Lawyers are increasingly relying on property to fund some or all of their retirement, research from a retirement lending adviser has shown.
According to a survey of 101 lawyers by Bower Private Clients, 44% said funding for their retirement would come from property, with almost a third planning to use money from their home or buy to let.
Of those surveyed, 14% said they plan on renting out property to fund some of their retirement.
Meanwhile 31% said they were not confident about their retirement planning, with 14% admitting they were ‘very unconfident’ that their retirement plans will work out.
The research gives a further indication that some partners have not been able to make adequate pension provisions to enable them to retire.
Andrea Rozario (pictured), chief corporate officer at Bower Private Clients, said: ‘Lawyers can be amongst the top earners and can tend to have greater spending power for assets such as property.’
But she said that while wealth tied up in homes is a potential source of retirement funding, people who want to remain in their properties can struggle to access the money.
She added: ‘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.’