The retirement years of a person’s life are when you jubilantly wave farewell to the shrill of morning alarm clocks and the monotony of the daily grind. It is an opportunity to finally pursue activities that were not necessarily available or viable whilst working full time.
Most people have at least a rough idea of what they would like to achieve in retirement. It may be that scouring the globe and seeing some of its great wonders is what you have in mind or it may be simply taking the time to fully appreciate the area which you’ve grown to call home.
As with any major period in an individual’s life, suitable planning and preparation go a very long way.
Realising your dream
The plan has been in gestation for years and it is finally time to turn dreams into reality. Of course the only thing stopping you is money. The answer may be on your door step, literally.
Equity release is a way of extracting the money tied up in your home without the need to move. The money released is tax-free and useable in any way you desire, giving you access to everything you need in your later years. There are a number of plans out there which means you’re almost guaranteed to find one suitable for you.
Firstly, you will want to find out if you qualify for equity release. Using an equity release calculator you can enter your current situation in terms of property value and current mortgage and you will be emailed a response; a quick and completely painless way to get things started.
Get some advice
If you want a more thorough assessment of your options, retirement specialists like McCarthy & Stone can give you a personalised illustration from award winning experts Age Partnership. There’s no pressure and you will be politely informed if equity release is not suitable for you or your situation, saving you time and hassle.
You may be thinking of one day transitioning to a retirement property. McCarthy & Stone can offer plans to help fund a purchase or rental and provide a huge range of specially designed properties.
These retirement homes aim to make later life as hassle free as possible. They are run by management and staff 24 hours a day and take into consideration everything from first-rate security to guest accommodation so that family members can stay over.
Getting your entitlements
Included in the service is some free expert advice to help you understand what you are entitled to. It is estimated that £5.5 billion goes unclaimed by the elderly each year. So make sure you don’t miss out on some extra cash to put towards enjoying a greater, later life.