Last year, wages outpaced house price growth, leading to a slight improvement in affordability for buyers in the UK, with first-time buyers still paying five times their annual salary for a property. Despite a decrease in mortgage rates, high borrowing costs remain a barrier to home ownership, with the average mortgage rates exceeding 5%. Data shows that 40% of first-time buyers received help with a deposit, mainly from family or friends, due to rising rents. Older homeowners also face challenges, with many facing higher mortgage costs as fixed-rate deals end, highlighting the importance of home ownership for retirement resilience.
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Worried About Social Security Cuts? 3 Things to Do Now if You're Already Retired.
Despite longstanding rumors about Social Security's potential bankruptcy, the program is not at risk of running out of money, as it is primarily funded by payroll taxes. As long as individuals continue to work and contribute, Social Security can maintain benefit payments in some capacity. Want More Context? 🔎
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