Few historians bother researching or writing about times past when mankind recorded little of interest, noting for future generations that everything was going swimmingly. Instead, history books are dominated by periods of war, famine, conquest and corruption, amongst other deeply unpleasant phenomena.
It follows that the early part of the 21st century should provide rich pickings for future historians researching life in the UK during the 2020s. Over the past decade in particular, we’ve lived through a disturbing time of increasingly violent protest, ‘cancel culture’, worrying attacks on free speech, a global pandemic with mysterious origins and an almost complete absence of political leadership, let alone any semblance of coherent, longer-term government policies. In short, the nation has felt rudderless for far too long.
Against this miserable backdrop, my brother and his wife (together with millions of others, I suspect) are giving serious thought to living abroad on a permanent basis. I read recently that there are even people abandoning the West altogether and moving to Russia where they’re allowed to live once granted a ‘woke-free’ visa. My kid brother and his better half have no plans to relocate to Moscow; instead, they’re currently spending a few months in the Iberian peninsula with a view to taking the plunge and living there full time. If so, we’ll be regular, sun-seeking visitors as I explained to my brother over a beer before he left for a prolonged stay, starting with living among the citizens of Britain’s oldest allies.
As the drinks flowed, we understandably pledged to see each other as frequently as possible before my sibling dug deep into the memory bank and revived a small morsel of paternal advice we learnt in the mid-1960s.
Back in those black-and-white days, there was no such thing as a ‘man cave’. Nor would you discover well-stocked mini refrigerators, a decent sound system or comfortable swivel chairs in which the occupant could sit back and relax. In fact, I don’t recall us having any of the above in the house; they were luxuries that came much later, but back in the 1960s, a shed was a shed, a place for lawn mowers, bikes, well-maintained tools, garden shears and ‘things that might come in handy’ stored in glass, screw-top jars.
Mindful of their cost, my Dad cared for his tools: after using them, he would first wipe then coat the working edge of a handsaw or chisel with a thin smear of butter, a practice which both protected them and extended their usefulness. I find I now do the same myself.
My brother and I were only permitted access to the shed to grab our bikes. If the chain came off one of them or a tyre’s puncture needed repairing, we were allowed to sit on the shed’s step and attempt to do the job ourselves as Dad looked on, the pair of us feeling proud if we could complete the task without his intervention or, more difficult, finishing without oily hands.
At the far end of the shed he built himself, Dad had hung a commanding light blue sign to the wall which declared: “He who hesitates is lost” in black lettering . When explaining this mantra, he applied it primarily in a sporting context, constantly emphasising to my brother and I the benefits of being first into a tackle, first to the ball, anticipating where a bowler would pitch a ball, or moving first to cut off an outside three-quarter’s pass to his wing.
Once we had had it explained, neither of us forgot it for it is an idiom that can be applied to almost every area of life, emphasising as it does the value of taking decisive action. It doesn’t advocate recklessness, but does highlight the benefits of not taking too long to commit to an action because ultimately, wavering can result in failure or financial loss, usually known as the ‘cost of waiting’.
“Neither of us want to wait for a decision to be taken for us,” explained my brother, adding, “we’re both retired, the kids have flown the nest, we’re still relatively fit and active, so what’s stopping us? Better to explore this idea as we approach our mid-sixties rather than wait another twenty years.”
It’s a short, but compelling argument.
Clearly, there is a cost associated with hesitating, but as would-be possible future expatriates across the land ponder over the magnitude of doing something very similar to what my brother and his wife plan to do and move overseas, there’s another mantra worth bearing in mind: fortune favours the brave.
Among the raft of unpleasant phenomena and shady characters to raise their ugly heads in recent years, it was the coronavirus crisis that gave millions of folks plenty of time to consider what they wanted to do once it was all over. Lockdown had the feel of an extended Christmas break because it gave people an opportunity to reflect on their futures without having to consume great quantities of turkey.
Post-pandemic, there was a marked increase in the number of older homeowners prepared to explore the pros and cons of equity release. Mindful that if they hesitated yet another year or two will have slipped by, many homeowners aged 55 and above took the opportunity afforded by lockdown to plan at least an element of their futures. A number of these folks subsequently used equity released from their home in an attempt to avoid the cost of waiting any longer to fulfil their medium - and longer-term ambitions.
More recently, as the nation has given an extremely plausible impression of going to hell in a handcart, there has been a further, noticeable increase in the number of older homeowners who wish to release the ‘hidden tax-free value’ in their home and spend more time overseas. This could take one of two principal forms: using the tax-free funds released from their homes to travel more extensively, or investing the money in an overseas bolthole for their own use and that of their family. These two options may not be as dramatic as the one being pursued by my sibling and his wife, but who knows how taking the first step may develop?
Admittedly, equity release isn’t for everyone, but those who believe they can benefit from releasing tax-free cash from their homes and spending more time enjoying themselves abroad do not appear content on hanging around and waiting for the next political or financial crisis. To find out if you qualify, or even would like further details on your equity release options – check out your local adviser or call 0800 088 5987.
