A number of lawyers expect to tap into buy-to-let, with 14% planning to rent out property.
Three in 10 (29%) lawyers plan to use property to fund some or all of their retirement, research from Bower Private Clients has found.
A number of lawyers expect to tap into buy-to-let, with 14% planning to rent out property.
However nearly a third (31%) were not confident about their retirement planning as 14% were ‘very unconfident’ their retirement plans will work out.
Andrea Rozario, 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.
“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.”
On average more than half (52%) of lawyers retirement funds will come from pensions and 44% from property.
