The so-called baby boomers generation, who were born after the end of World War 2, are now entering the golden age of retirement. This can be a godsend for some and a time of great stress for others. For those who have planned their retirement and paid off their mortgage they are now able to relax and enjoy their retirement.

However, for many others it can be a time of financial uncertainty as they struggle to adjust to a reduced monthly income and potentially the onset of ill-health. It is also a time when grandchildren enter the picture and often the desire to enjoy their time with their grandchildren can also be a cause financial stress.

Financial planning in retirement is particularly difficult as you are often no longer economically active and therefore the ability to amass money is greatly reduced.

In order to gain a degree of financial comfiture you may have to investigate one of the ways to free up some of the financial assets you own. One way of doing this is through equity release. This allows people to access some of the equity they own within their home without having to sell their home in their lifetime. The borrower does not have to pay any monthly repayments on the equity release. Instead any interest accrued is rolled up within the overall loan.

An alternative offered by Halifax is the Halifax Retirement Home Plan. Like an equity release scheme it allows the customer to access equity within their home. However it differs from an equity release scheme in that monthly repayments are made on the interest. This means that over time the balance of what is owed will not increase and can be preferable for customers who wish to ensure that they have an inheritance left for their families.