Holidays
Retirement is the longest holiday of your life, so why not enjoy it that way! With the over 55’s leading a more healthier and active lifestyle, this is having the effect of increasing the life expectancy of the UK population. So this silversurfer generation have more time on there hands than ever before.
Many pensioners are now doing activities that they admittedly didn’t have time for when they were younger. Statistics show more than half of retirees exercise more now, than when they were in their 20’s, by walking regularly, swimming and dancing. In fact many have even gone back to college to study higher education or carried on working into their later years!
This is in contrast to the pre-retirement days of working 9 til 5, paying the mortgage & bringing up children. There was never time to accomplish the finer things in life such as travelling to those dream locations. With retirement funds dwindling due to reductions in post retirement income, may people have difficulty finding money to pay for regular holidays. Here is where London equity release can provide retirement solutions to those looking to fund their holidays.
The new adage for the over 55’s is ‘People retire from work, not life’.
A recent poll stated that 29% of pensioners are looking to travel the world in retirement & the majority would like to take three holidays a year if they had the choice. However, we know the expenditures involved in travel & accommodation, & not just abroad but also the UK. Many people are turning to drawdown lifetime mortgage schemes to help them enjoy the holidays they feel they deserve.
So where do retirees travel?
London equity release advisers enjoy helping the over 55’s fulfil their dreams of travelling on cruises to distant climes they would never have dreamed of previously. Wedding anniversaries tend to be a popular occasion for treating the whole family to an overseas holiday. Afterall, older Britons are enjoying the longest holidays & the most money on travel this year than any other age group!
The sixty something age group will average over 11 days holiday for their main break. This would cost on average £1,548 for travel, accommodation & spending money. Therefore, wanting to go away several times in a year, they feel cost is less of an issue in choosing the preferred destination.
How can drawdown equity release schemes help?
By taking an initial lump sum, drawdown equity release schemes can provide a cash reserve facility from which money can be withdrawn, whenever required. Drawdown can help provide a pragmatic approach to paying for regular holidays, by only taking the actual amount required, rather than one large equity release lump sum. Taking small & regular cash amounts will ensure that the interest charged by the equity release company is kept down to a minimum.
Further information
To understand the best way to pay for any holiday is by asking one of our London Equity Release team a question, or calling them on Freephone 0800 028 3034.
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