A new survey from Bower Private Clients has found that 31 percent of lawyers feel apprehensive about their retirement planning, with 14 percent conceding they are ‘very unconfident’ that their retirement will go to plan.
The report from Bower also found that a a large chunk of lawyers are planning to rely on property assets to fund their retirement.
Of those 101 lawyers surveyed, 44 percent said they planned to fund their retirement using property, with almost one third expecting to use money from their home or buy to let. A further 14 percent said they were planning to rent out property to fund some of their retirement.
“Lawyers can be amongst the top earners and can tend to have greater spending power for assets such as property,” Bower Private Clients chief corporate officer Andrea Rozario said.
While wealth tied up in property ownership can provide a potential source of funds for retirees, Rozario cautions that those who wish to stay in their homes after retirement may struggle to access the value of their assets.
‘The continuing squeeze on pension and investment income could lead to more lawyers considering how best to maximize what will easily be their biggest asset and look at solutions such as lifetime mortgages,’ she said.
Source: Law Society Gazette
