Retirement is a time to relax and enjoy life, but many people spend most of their retirement worrying about money and budgeting.
If you can relate to this, and have your own main residence, this can be used to alleviate retirement finance by consider releasing equity on it. For a increasing number of over 55’s, equity release is becoming a common route to boosting your finances, so that you can truly enjoy your retirement. Equity release helps open many avenues of retirement options, from holidays abroad, to stay-at-home hobbies like gardening and caravanning.
Thousands of retired people across the UK are helping to fund their retirement plans by releasing equity from their home. In fact, recent research from the over 55 financial experts, Key Retirement, found that equity release has boosted property owners’ retirement funds by over £86 million last year – and that is just in Scotland!
This shows the true potential of property wealth. Many people forget that their property has locked-up cash that they can access if they want, and the equity release payments are often fairly substantial, dependent on the property value and age of the homeowners.
Holidays are definitely a very popular option – the same research found that 16% of the Scottish people who released equity cash used the money to fund their next holiday!
After all, the amount of money isn’t something most people would scoff at. Most homeowners release an average of £55,200 which can be taken in many ways. With drawdown being the most popular format of releasing equity, means that the funds can be taken in tranches, rather than all upfront. Here is where good independent equity release advice helps pay for itself.
Equity release isn’t suitable for everyone. However, it can be ideal for some over 55’s who are retired and worrying about money. Retirement can cause some stress, especially if you have lots of free time and very little money. Releasing equity could be the best way for you to boost your finances and have some fun, once you have considered the alternatives.
The final question therefore is what would you like to spend your equity release on?