A walk along the promenade at Weston-Super-Mare can be a bracing affair, particularly if a westerly wind is galloping up the Bristol Channel hell-bent on sweeping into the Severn Estuary. In fact, most west country weather is determined by the wind’s strength in the nearby Atlantic; you do not need to live in the area long to learn that the wind often carries a series of plump, grey rainclouds disappointingly capable of unloading their content on Cardiff and Bristol in equal measure.
Mindful of this, my wife and I none the less strode out purposefully along Weston’s broad promenade recently, conscious of the fact that while the rain may fall (it didn’t), there’s very little prospect of being swamped by waves. Or at least that’s how it always feels; in fact, Weston has the second-highest tidal range in the world, even though the Severn always appears to be miles away from the shore.
Like most Victorian seaside resorts, the town grew dramatically following the railway’s arrival in the mid-nineteenth century. Transport links by road and sea had already encouraged a steady flow of visitors from Bath, Bristol and south Wales, but it was the completion of the town’s railway line and the corresponding construction of a centrally located train station in 1841 that delivered what was then considered ‘mass tourism’.
There were plenty of people ambling along the promenade, all taking in the sea air and enjoying the sunshine, their numbers swelled by a phalanx of mobility scooter drivers. As regular seaside visitors, my wife and I have seen a marked upturn in mobility scooter usage over the past decade; they’ve become a must-have and very useful accessory for thousands of previously housebound folks who can now enjoy the fresh air as they await the incoming tide, be it at Weston or a host of other seaside towns.
One mobility scooter driver in particular caught my eye. A chap, probably in his late sixties, was clearly enjoying himself as he meandered along the promenade taking in a sunny Sunday afternoon combination of fine weather, impressive views towards south Wales and, presumably, the music to which he was listening on his headphones. We couldn’t hear the music, but his Status Quo t-shirt perhaps gave the game away.
Once the standard garb of rebellious teenagers, I felt the Quo t-shirt represented an act of defiance from a baby boomer who, though propelled by a mobility scooter, was in no hurry to be classed ‘an old person’ and thrown on life’s scrapheap. His clearly well-worn, slightly scruffy shirt silently declared “I’m not prepared to give up the game just yet!” The thought made me smile: I was delighted this man was enjoying himself.
Last month, Lucy Pollock, a doctor specialising in care for the elderly, published The Golden Rule, her second book focusing on what could be called senior citizens’ concerns and objectives, the pursuit of happiness prominent among the latter.
Why the relatively recent surge in later life-themed books aimed at baby boomers? One statistic to be found in Dr Pollock’s new book offers a clue: in 1900, global life expectancy was 32 years; by 2021, it was 71. In other words, today there are a lot more people living significantly longer lives. Dr Pollock’s message is simple: “we’re all living for longer – here’s how to stay happy during those additional years”. If, therefore, you’re 68 and wearing a Status Quo t-shirt, or anything else for that matter, while riding your mobility scooter makes you happy, then why not?
Granted, Status Quo are not everyone’s cup of tea, but as the man on Weston promenade showed, retirement can be, perhaps should be, a happy time for most of us. Freed from the need to report for work every day, retirement offers a one-off opportunity to pursue those projects and ambitions for which you never had the time, such as spending more time with family and friends, writing a book of short stories, or embarking on a world cruise.
Of course, ticking off items and projects on your bucket list becomes much simpler if you have sufficient retirement income and savings to cover their respective costs, but if you haven’t accumulated quite enough, do alternatives exist which enable you to start checking forthcoming cruise ship sailing times from Southampton?
The short answer is ‘yes’. One mainstream way in which this particular retirement conundrum can be rectified is to use equity release as a means of funding your later life goals.
If you’re aged 55 and over, releasing equity from your home could prove pivotal to a joyful retirement, especially as the funds released from the property are tax-free.
Nor is there any obligation to swan off to the Seychelles, fly business class to Australia, explore Canada’s west coast, or prepare for a South African safari, even though they all sound extremely attractive.
The funds released from your home can be used to increase retirement income, for instance. For many folks, conscious of Dr Pollock’s statistic regarding life expectancy, or mindful that the state pension is designed to cover only basic outgoings, equity release can dramatically improve their monthly cash flow.
Not surprisingly, the most popular use of tax-free equity release funds is for home renovation, ostensibly because there comes a point when ageing appliances or our favourite rooms become a little, ahem, tired. Renovating the home using funds released from your home’s ‘hidden wealth’ can be a source of great contentment. Once completed a refurbished property will feel fresher, more modern, while there’s an excellent chance its value will have increased too.
If your definition of happiness involves enjoying time with family and friends under bright, sunny skies, then buying an overseas holiday home could be worthy of consideration. It’s a fact that retirees can find it difficult to raise the necessary capital with which to buy a property abroad, but equity release can resolve this potential problem, thereby enabling older home owners to invest in a country where they prefer to live for part of the year and where they can welcome their guests as frequently as they want.
Finally, equity release can turn daydreams of bucket list holidays into a reality. A sizeable number of people have planned and plotted their way around the world prior to releasing equity from their homes with which to pay for flights, accommodation, trains, car hire, hotels and all other expenses. Doubtless, part of the fun is in the planning, but executing the plan is likely to bring great joy, not least because the memories will stay with you for life.
It goes without saying that defining happiness is an almost impossible task because everyone’s definition of it is different. If, however, our happiness is central to enjoying a longer life and involves wearing faded t-shirts depicting rock bands from the 1970s, who isn’t prepared to engage in the search for it using every available tool and strategy?
To find out how about how much you could release, and at what rate, use our unique smartER™ search tool that will provide you with live personalised results and in-depth product details. One of the independent Equity Release Supermarket advisers are always on hand to offer their tips and guidance on the best way for you to help plan your retirement years.
Based on your retirement plans, a specialist equity release adviser can discuss whether taking a release of equity is your best option - it maybe not at this stage. If it is, and with access to the whole of the later life lending market, your adviser can then find and recommend the best equity release scheme for your requirements.
The quality of this advice in the long run could save many thousands of pounds, as newer flexible equity release plans can be fine-tuned to suit your personal needs. At the end of the day none of us know how long we have left on planet earth, hence, how much we take initially, or retain a drawdown facility, even the product features included can work two-fold; leave a greater amount of capital to match your longevity, or the inheritance you leave behind for your beneficiaries.
Always remember, a well-thought-out retirement plan not only provides peace of mind, but also allows you to enjoy your golden years with confidence and comfort.
