How equity release can help you live well in retirement
When it comes to planning financially for later life, there are plenty of things to think about. But in your well-earned retirement years, it’s natural to want to be able to enjoy what you’ve worked decades for. So, how can you use the money you’ll free up by releasing cash from your property?
There are plenty of ways in which you can enrich your life and those closest to you – here are our five favourite examples.
Take the Trip of a Lifetime
It might seem a cliché but certain types of holiday can seem like once-in-a-lifetime dream. But why should it be that way? A sunset helicopter ride over the breathtaking Grand Canyon, an all-inclusive cruise around the sun-drenched Caribbean Islands or time spent wiling away the hours in the famous Tuscany vineyards are all great examples of how the world can be your oyster. Many people celebrate the beginning of their retirement by rewarding themselves with an unforgettable experience like this for all the years of hard work. Of course, if this isn’t your style you could always put your hard-earned money to good use by planning luxurious minibreaks whenever it takes your fancy.
Learn Something New
When you reach retirement, you’ll probably find that you’ll suddenly have plenty of time on your hands. With this in mind, what better way to enjoy your newfound freedom than by taking up a new hobby or interest? This could include learning a new language, taking up pottery lessons or playing the piano. If you wanted a bigger project you could even look at becoming a mature student at a local university or online, reliving your student days in a little more comfort whilst at the same time expanding your social circle.
Helping Family onto The Property Ladder
These days, young people are finding it harder and harder to get onto the property ladder. As a result, it’s no wonder that an increasing number of parents are looking to help out their offspring with this expensive but important first step. Helping your children out with a deposit on their first home will help provide them with security as they attempt to navigate adult life and allows them to avoid the rental trap, giving them the opportunity to build their own family homes and prepare them for the next step in their lives.
Here Comes the Bride (or Groom)
As we all know, weddings are expensive, there’s no doubt about it. But they are also one of the proudest days in any parent’s life, right up there in the family album stakes alongside graduations and the birth of grandchildren. With so many young couples struggling to save in the current economic climate, watching your child tie the knot knowing that you’ve taken away some of the stress by helping to pay for the big day, will provide you with heart warming memories for years to come.
Help Out Your Growing Family
There’s nothing better to keep you feeling young at heart than running around after your grandchildren. With many grandparents spending precious time with new additions to the family to help with childcare, is it any wonder why the bond between grandparents and grandchildren is so strong? From a financial point of view, opening an ISA or Trust Fund for your grandchildren is a great way to start setting up for your family’s future.
There are plenty of ways to get satisfaction, peace of mind and experience new adventures by unlocking the financial potential in your home. With more of us living longer, retirement has become a new phase in our life to hopefully be enjoyed for many years. Equity Release can help you transform your retirement years allowing you to fulfil lifelong dreams or help you to provide a secure start for your family as it grows.
Please be aware that releasing equity from your property will reduce any inheritance in respect of your loved ones and could have an effect on any means-tested state benefits now and in the future.
Equity Release may involve a Home Reversion Plan or a Lifetime Mortgage which is secured against your property.