If you hold a job that you love then the thought of a dull retirement to day time TV or tinkering in the shed might fill you with dread. If you don’t care for your job or worse hate it then the thought of retirement is like the light at the end of the tunnel (albeit a long one).
Recent government proposals to increase the age of retirement are happening across the globe. Here in the UK you don’t have to sit back and take it. No I am not suggesting you join the protestors outside St Paul’s and bring down capitalism. Something a lot easier – prepare for your old age and choose when you want to retire – do it on your terms while you can still enjoy it.
I have a client in a well-paid corporate job with little or no mortgage on her house. Her children are teenagers and she longs for a change of perspective, travelling maybe, or just enjoying more free time while she still can. We sat down and during a strategy session discussed her attitude towards risk and the old beliefs that paying off your home mortgage was a good idea.
She was trapped, because although she had no mortgage, if she didn’t work she couldn’t feed herself never mind enjoy early retirement.
I helped her work out that by investing in the sort of cashflowing properties I have access to she could leverage her property through a mortgage (no more than 50% of its current value – leaving her still safe in the knowledge that she owns house) and invest in a cash flowing property portfolio that, after all costs (including the new mortgage on her home) would produce almost £2,500 income per month for approximately 2 hours’ work per month! She could buy her freedom, her security and any future she chose – right now!
As I listened to the Radio 4 story an interviewee talked about how she was going to have to work so many more years because of the changes, how her income would be affected if she retired early. I had to stop myself shouting at the radio – “there is another way” – don’t moan, take action – become responsible for your own financial future and do not rely on a government struggling to meet the burden of a past generations best intentions. It’s your retirement have it when and how you want!
To our mutual success, wealth and happiness
Vicki – The Property Mermaid
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