Over 55-year olds are ambitious and young at heart!

20th February 2019

It seems that age is no longer a barrier for the majority of our over 55-year olds and that retirement represents the beginning of a new and exciting stage of their lives rather than the end of their flourishing youth!

In a recent survey carried out by Legal and General*, it was revealed that 72% of over 55-year olds still had goals they would like to achieve and that 82% of them felt younger than their biological age. That being the case, many of them saw their 60s, and their impending retirement, as the period in which they wanted to finally start to tackle their ‘to-do’ list of life goals.

In the top 30 answers about what excited them about their retirement, travel and self-improvement were top of the list. This included ambitions such as to:

  • travel to Australia
  • move abroad
  • buy a sports car
  • volunteer for a charity
  • learn a foreign language
  • take up a new physical sport, such as mountain climbing or golf
  • downsize their home
  • pay off their mortgage

Thankfully optimism still prevails amongst the survey participants and more than half considered that they still had time to achieve these goals!

Remaining curious about life and wanting to fully participate in the wide array of beautiful opportunities that life has to offer is healthy and promotes longevity. Nobody really wants age or circumstances to stop us doing what we want in life, do we? However, our perception of reality often leads us to believe that our dreams cannot be fulfilled, that our health is not strong enough, or that our finances do not lend the extra capital needed to pursue such ambition.

We have the dreams, but do we have the means?

It seems that once again the number one barrier in preventing us from achieving our dreams - and this is true for any age group - is money. The magical, mysterious, yet malicious M-word. After paying the obligatory life-style bills to keep a roof over our heads and food in our bellies, not everyone has the extra cash to fund their life-style ambitions and pleasures. Some of us have tried to organise our finances so that in retirement, when a professional salary may or may not be contributing to our income, we can rely on investments or savings to fund our life-style. But what can you do if money is short, if the M-word is meagre and if the barrier between our flight towards freedom and our stationary existence is not budging? Consider releasing the equity in your property and learn to fly again!

What is Equity Release and how does it work?

Equity Release, or a Lifetime Mortgage, allows you to release money from your home without having to move. It’s a loan secured against your property which can be used to provide you with an additional source of income to top up your pension for example or finance your ‘to-do’ list of life goals.

It’s really very simple: you have been repaying your mortgage on a monthly basis for years and built up equity in your property. The money you have been repaying has essentially created for you an asset which you can choose to use in the same way that you would access money from a savings account regardless of whether you have finished paying off your mortgage or not. Equity Release simply lets you regain access to that money to use in whatever way you desire. You can choose to repay the loan, in the same way that you do with a regular mortgage or allow the interest to roll up and the loan is repaid on sale of your property when you die or go into long-term care.

It is so important to us, as individuals that we feel fulfilled in life, that we have the financial freedom to be able to achieve our desires and that we have the power as individuals to choose our own future, as much as is reasonably possible.

It is important to us, as a company, that we can support the kind of exciting and meaningful life experience that our clients wish to achieve. If you think that Equity Release may be right for you, please feel free to contact Kevin Woods to discuss your situation in confidence, and without charge or obligation of any kind.

*Legal and General Home Finance Limited. Q0057544/SUB0192780/Aug 2018

Why not get in touch and see how we can help?

Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back