The report from Bower also found that a bulk of lawyers are planning to rely on property assets to fund their retirement. Of those 101 lawyers surveyed, 44 per cent 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 per cent 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,' commented Bower Private Clients chief corporate officer Andrea Rozario. While wealth tied up in property ownership can provide a potential source of funds for retirees, Ms 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 maximise what will easily be their biggest asset and look at solutions such as lifetime mortgages,' she said.
Source: Law Society Gazette
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