30 May 2006
Homeowners believing their property will generate enough money
to provide for their retirement could be in for a shock, economic
experts have warned.
One out of every five retired people living in poverty owns a
property worth more than £100,000, the Institute for Public
Policy Research says.
But cashing in on property prices by moving into a smaller home
could see them lose means-tested benefits.
Many pensioners are unaware of exactly how their benefits would
be affected, and are unable to calculate whether they would be
penalised.
