Advice for Retiree

Archive for the tag “retirement plan”

Living Life King Size in Retirement with Equity Release Scheme

Retirement comes with many promises. It is rightly said as golden phase in the life of a person. Out from the usually hectic routine life, people have lots of opportunities to live on own terms and conditions in retirement. They have all the time to spend with family and friends, attend clubs and go on lunch dates. While some prefer to spend time on the pool lounges reading latest novels, rest of the retirees look after gardens and harvest vegetables in the backyard of their houses.

Image Courtesy: goo.gl/lkxH5

Image Courtesy: goo.gl/lkxH5

Here are few ways to plan out a comfortable retirement:

Know yourself: Most retirees find it tough to come with the terms of newly acquired comfort. Either they find themselves in distress or spend lots of time alone. If you are a workaholic, securing a part time job or volunteering for social causes can be a right choice for you. You have a choice to become consultant to the company you are working in. This will not only provide you extra income but also make your life stress-free.

Engage yourself: After a certain point, retirement life becomes mundane and boring to most retirees. As they are now cut off from their colleagues and friends at working place, life may not remain exciting and entertaining to them. You need to re-schedule your daily life at the earliest to live life afresh. Plan out dates with friends and go out on adventures from time to time.

Enlist everything that appeals you: Clip articles, save brochures, collect photographs and everything that appeal you. This will give you some work, whenever you are free.

Reinvigorate your skills: Every human being is gifted with something unique; you can exploit your creativity in the retirement. A creative writer can start putting their words together and write a book or fictions. If you possess leadership skills, apply this facet of yours in invoking positive thoughts in the mind of youths in your locality, or you can join any organisation.

Keep learning: Learning is a process that never ends. You should always try to acquire new knowledge and information on the things that interest you. Go through non-fiction books, read newspapers and magazines as much as you can.

Rehearse the retirement: It may work for you in the long run as well short run. You should practice the retirement, well before hanging your boots.

Image Courtesy: goo.gl/YDwx8

Image Courtesy: goo.gl/YDwx8

Living life king size in retirement is possible only with constant flow of income. For your dream retirement, you need to make certain sacrifices in the working years and if you have not, do not feel low.

You have an option for retirement planning with equity release scheme. Yes, this plan is exclusively designed for retirees and offers several benefits to them. You can fulfil all the above mentioned dreams of yours by withdrawing equity from your house.

Lagging Behind in Pension Contribution? Equity release can be a Worthy Alternative

At the ripe age of 50, you are at the peak of your earnings and ten to fifteen years away from retirement. Almost all the major expenses probably are behind you or about to wind up. This is the time, when you should give a serious thought on your retirement plans. Do some number crunching and start making contributions vigorously, as if there is no another day.

Venturing into this age group means a final opportunity to plan out retirement. This decade is quite important in a person’s life. Once you go into 60, you will not have enough time for planning.

Image Courtesy: goo.gl/P7Xdo

Image Courtesy: goo.gl/P7Xdo

Most mortgages will be nearing their end point or fall into affordable range. The workplace studies show that 50s is the highest point of career earning-wise.

Basically, people in 50s are divided into two major groups

  • The first group comprises of those people, who are evaluating their retirement plan to find out whether it is still working or not. You need to calculate everything and take a decision if aggressive contribution is needed.
  • They who put off from the retirement plans due to any reason fall into second group. As you have ventured into 50s, so there is a high chance that your liabilities are shortened. You should start a speedy recovery now.

If you fall into second group, you should be ready for some financial sacrifices to achieve set parameter for happy retirement.

By the age of 50 years, it’s expected that you have a fair idea on the comfortable retirement. At this age, several other commitments, apart from mortgage repayments, are most likely to have got fulfilled.

Consolidate small plans

You must have worked for several employer during all these years and most likely to have some smaller plans. Now you should consolidate all the plans, as you will get a clear picture on the savings.

It’s easier these days to transfer one retirement account into another, so if you have IRA or 401 (k) plans, request the concerned authorities to merge them together.

Equity release is an alternate retirement plan

If you are lagging behind in retirement savings and by no means can you play catch up with it, you can release equity to plan your retirement. Equity release scheme these days is an ideal option for them, who have been left behind in savings approach.

This plan has several prospects in your retirement years. The biggest advantages offered to you are right to retain ownership of your house and no requirement of monthly interest repayment.

Image Courtesy: goo.gl/tGVJT

Image Courtesy: goo.gl/tGVJT

You can trust equity release for a happy retirement. New rules and regulations in place are efficient enough to safeguard your interests.

Post Navigation