Indeed the younger the age group gets, the keener they are to take early retirement.
Overall, 7.43 million expect to retire between the ages of 55 and 60, with another 12.25 million people expecting to do so between 60 and 65 years of age.
Property is still the main way these pre-retirees plan to support themselves during their retirement, with 8 per cent of those planning to retire before 50 plumping for the bricks and mortar option, more than likely in the form of buy-to-let properties - whether as a stable income source or as a lump sum generated by the resale.
The age at which people opt for an equity release plan is certainly dropping, as are the number of policies which allow younger retirees to draw out cash from their homes - possibly meaning that the section of the population looking to early retirement will have a greater amount of options when their times comes around.
Whilst property is definitely a good way to supplement retirement incomes, Rob Lay, Barings’ head of european sales, says that the issue of putting money into a pension pot should not be overlooked: "People have to start taking a more proactive approach to planning for their retirement - relying on property as a pension is a very risky strategy to take."
Lifestyle choices
Equity release as a form of income is certainly a good route to take if a borrower's pension provision falls short. However research from Norwich Union has shown that certain lifestyle choices are winning out for those already in retirement.
Retired homeowners are now more likely to turn to equity release if they want to do up their home as the impact of the Baby Boomer generation begins to filter through.
Dominic Fraser-Smith, group manager for Norwich Union said that people are using the equity from their homes to make their lives more comfortable, rather than making grand-scale purchases.
More specific purchases made with money from equity release included electrical goods, vets’ fees and supporting their particular hobbies.
Fraser-Smith added: "It would seem that these potential customers have a different attitude to debt to many people in their 70s and 80s. Indications are that this new customer segment want to use the equity in their home in significantly different ways."
