FUTURE-PROOF YOURSELF NOW

Make sure that your finances are in order to get the most out of life

AS you move into retirement, it’s important to plan for the future. But, it can be tricky talking to family members about health and money matters.

Knowing a lifetime of earning a regular wage is over can be a good time to focus on the reality of your financial situation.

This is a golden time to enjoy rather then fear for your financial future.

Releasing the wealth tied up in your home is one option to consider if you are finding it difficult to manage on a fixed income.

Equity release is a lifetime mortgage taken out on your property that is repaid only after you die or move into long-term care.

According to leading over-55s financial specialists Key Retirement, last year people released a record £3billion from their homes, taking advantage of rising house prices and low interest rates.

Your home is normally your most lucrative asset and it makes sense to take advantage. After all, you’ve spent your working life paying for this moment.

You may be worried your children will resent you dipping into their inheritance in this way but a fifth of retired homeowners who release equity use the cash boost to help family members, while others pay off debt, go on dream holidays or improve their homes and gardens.

Retirement is the time to enjoy the good things in life and releasing the equity in your home can help you achieve some life ambitions.

So harness your financial power to make the most out of the here and now but also take some time to consider your years ahead.

The over-55s have never been fitter and more adventurous but inevitably there is a time when everyone finds themselves slowing down whether through choice or necessity.

With your loved ones, you should discuss whether you want to go into a care home if your health deteriorates – an emotional subject but one that is better tackled sooner rather than at the point at which you need care.

Perhaps you have a health issue that could be addressed privately to improve your quality of life sooner rather than later.

Many people use equity released to pay for medical help so they can get on with the business of enjoying their later years without health concerns holding them back.

Many people use their equity to pay for home improvments, such as making it more accessible and easier to maintain in their older years.

It’s the perfect time to futureproof your home, finally getting round to all those jobs to make it comfortable and ready for the years ahead.