One in five older people want to downsize
Getting older isn’t all easy chairs and Werther’s Originals you know. For today’s over 55s, money is getting so tight that one in five are looking to downsize because they can’t meet costs on their homes.
Retirement specialist Key Solutions found that 19% of over 55s are struggling to afford to run their homes, and 4% can’t pay the mortgage at all. Dean Mirfin, group director at Key Retirement Solutions, said: "There is huge demand for downsizing with nearly one in five or around a million people planning to do so in the next five years."
Many of the people in the survey said that they aimed to raise money by downsizing to help their feckless kids pay deposits on their own houses.
Three quarters of pensioners now own their own homes, compared to half 20 years ago. But instead of selling up and living it up on Saga holidays, they’re moving to tiny boxes and giving their equity away to their children while they’re still alive.
Come on old people! Where's your sense of adventure? What happened to spending the kid's inheritance on pastel coloured leisurewear and condos in Florida? Did the Golden Girls teach us NOTHING?