Gone are the days when retirement conjured up images of slippers, armchairs, Ovaltine and crosswords. Okay so I’m slightly guilty of hamming things up here but the truth is that each generation is getting younger. In fact I think it’s fair to say that today’s 60 is the new middle age.
Not only do we look younger at 60, we feel younger and act younger than ever before. This lively outlook means that most of us see retirement as an opportunity to take on new challenges, learn new skills, travel to new places and generally have a good old adventure. It’s what we work so hard for after all. That’s not to say that the odd crossword can’t be enjoyed but maybe they are now to be penned aboard a luxurious cruise ship or whilst lazing in a hammock on a tropical beach (slippers optional!).
These retirement bucket list revamps do of course need a good standard of health and a decent income with which to fund the adventure. And, whilst health is something we can’t foresee, many are left disappointed by their pension pot upon retirement and left unable to afford all those luxuries they were hoping for.
Reflective of this are the findings from a recent survey by Nationwide who surveyed over 1000 people between 40-60 about their pension provision. It turns out that 1/3 of people are hoping to fund retirement through their state pensions alone. According to the Nationwide, if you plan to rely solely on your state pension you’re likely to be short of around £4500 a year. A figure which could come as a bit of a blow to all those adventurers out there currently planning their trip of a lifetime.
Luckily it’s not all doom and gloom and there’s no need to shred those glossy brochures or whisk up the Ovaltine just yet. If you are like many people facing retirement you’ve most likely spent years investing in your home. Chances are that your home has increased in value and as such you have built up a decent amount of equity. What if you could stay in your home for life and still release this tax-free cash (equity) to turn your dreams of retirement adventure into a reality?
Well, if you are a UK homeowner, over the age of 55 then you may be able to release a portion of your home’s value and receive a tax-free lump sum in return. If you have no existing mortgage then you are free to fund whatever adventures you desire. If, like many, you still have a mortgage then you can use this lump sum to pay off the outstanding balance, free yourself from monthly payments and then use the remainder as you wish.
Find the right Equity Release plan for you
With lots of different equity release plans out there it’s all about getting the best advice from people you can trust.
Here at The Right Equity Release we pride ourselves on combining knowledge and expertise with the very best level of customer service. Currently rated Excellent on Trustpilot we really do care about every customer.
So, whatever adventure, hobby or skill you’ve got your sights set on we can help you to live your best retirement.
If you are over 55 and would like an idea of the amount you will be able to release please take advantage of our FREE equity release calculator and then get in touch with our friendly team on 0800 6126755 to find out more. There is never any obligation and one of our Advisers will meet with you in the comfort of your own home. You don’t need to go anywhere and all it will cost you is a cup of tea.
Thanks for reading, here’s to cruises, hammocks and luxury!
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