WHEN you are nearing retirement, there will be any manner of things that you want to see and do but have been unable to do for the years you were working.
Whether it is to take up an expensive hobby or see some of the most famous sights overseas, many will be looking for ways to finance their retirement.
Of course, for others it will simply be the case that they want the chance to top up their income and ensure they do not fall into financial difficulty in their latter years.
For whatever reason though, people consider downsizing their property. Is this something you should consider though?
According to findings published by Prudential, it is an option that more than a quarter of Brits are considering in order to make their life easier in some way.
It said that some 73 per cent of retired people in the UK are also homeowners, although with many still living in the homes that they raised their families in, which they no longer need, it can be easier often to move and make a substantial saving.
Of those 26 per cent who are looking to sell, some 81 per cent said that they will be buying another home, with 73 per cent doing so because they will be downsizing rather than buying something of an equivalent or larger size.
British retirees taking this route expect to average raising £62,000 from the downsizing of their home, with many reasons for doing so.
The majority (23 per cent) said they were selling in order to boost their income, while 13 per cent want to pay off debts and eight per cent would like to simply have more for everyday costs.
Stan Russell, retirement expert at Prudential, said: "Housing wealth is potentially a significant source of additional retirement income for pensioners who own their own home. This is why so many of Britain's pensioners are planning to become last-time-buyers.
"However, it is dangerous for people to assume that housing wealth can make up for a lack of retirement planning. To ensure a comfortable retirement it is important to start saving as much as possible as early as possible, and to seek professional financial advice on the best retirement income options."