Another common way that people try to save for their future is by buying property. If you’re able to buy more than one property then this can work quite well. However, if you’re using your own home as your property investment then, unless you intend to move to a smaller/cheaper house when you’re older, you might not see the benefits. Whilst there are some schemes that offer equity release to enable pensioners to remain in their own property, the downside is that the interest can significantly eat into the value of their home. The upside is that you don’t have to move house, which may make it an attractive compromise. The main thing to remember when using property to make money is that you will always need somewhere to live!

For a more detailed look at ways to use property to boost your retirement income look at the In depth pages.

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