After George Osborne gave savers the ability to withdraw their pensions without paying punishing tax rates in April, a survey has found that 32% of pensioners who have withdrawn their money so far have spent the cash on improving their homes.
It seems home improvement is right at the top of the agenda for the over-55s who have now been given unlimited access to their lifetime pension savings. The data, which came from the Pensions and Lifetime Savings Association (PLSA), found that home improvement was a more popular one-off buy than holidays or cars, with just 18% spending their withdrawal on these treats.
Home improvement for pensioners
Many of those of pension age who are withdrawing their money are seeking to adapt their homes to ensure they’re more accessible. Accessibility is essential for older people who wish to remain in their own homes for as long as possible – whether it’s a grab rail in the bath tub, a stair-lift to connect two-storey homes, or even the installation of a downstairs shower room.
Another popular home improvement among the older generation is the installation of double glazing. Many homes in the UK are still losing heat through single-glazed windows, and having superior windows fitted can help keep homes warm and toasty throughout winter, as well as cutting down on costly heating bills. Statistics showed that two in five older people are rationing their heating for fear of having a costly energy bill land on their doormat – but double-glazing could help make homes more energy-efficient and safer for pensioners.
Other energy-efficient home improvements include loft insulation, new boilers, and small changes like efficient light bulbs, smart meters, appliances with better efficiency ratings and hanging thick curtains.
Extensions and conservatories are also a very popular home improvement among pensioners. Conservatories often offer beautiful garden views that help keep the elderly from feeling ‘penned in’ at home, while extensions can make it possible for the grandchildren and other guests to visit the home and stay over, offering company for retired homeowners.
Home improvements with Prior Products
Here at Prior Products, we offer a multitude of home improvement options for those who may have just gained access to their pension pot. From high-quality UPVC double-glazing options, to luxury orangeries and conservatories, we can help pensioners adapt and improve their homes to create a comfortable living space that will suit them for the rest of their lives.