"I Should Buy a Yacht" - How to Follow Through With Your Post-Retirement Dreams
Retirement can be a bittersweet time for many of us. Long dreamed of, by the time it arrives we hopefully have planned it so we can indulge all those fantasies we cherished for so long.
The complete change in lifestyle from a routine of work and a regular income contrasts with making a new life which we can design to whatever form we choose - scary, yet oh so exciting!
Few of us can indulge ourselves completely at this time, so it pays to be a little savvy with our retirement funds; investing them wisely, but also indulging them shrewdly in the luxuries we have always aspired to.
A common dream for many retirees is to set sail on the open seas and enjoy the peace and freedom that sailing delivers. For those with their sights on life at sea there are some canny strategies which can bring that to reality in an affordable and pleasurable way.
Did you know that by simply checking out motor yachts for sale which give the option for ex-factory pickups, you can save substantial money on the cost of delivery? Better still, you can sail the boat home from an exotic country and have an unforgettable adventure of a lifetime along the way!
Consider forming a syndicate with other retirees with similar aspirations. This can be a marvellous pathway to fulfill all your dreams at a fraction of the cost!
Travel and touring
Whether you are sailing the world in a yacht, ocean liner or through the skies, most seniors have travel on their retirement agenda. In fact over 65’s are the fastest growing group of travellers in Australia! There must be something in it, if that is the case...
Group tours for seniors are a fantastic way to see the world, socialise with like-minded people and make new friends. These tours cater for the tastes, physical limitations and demographic of seniors whilst optimising the fun. By travelling in organised groups, seniors tours often attract better pricing than could be accessed when booking on one’s own.
Buying a home within 20 km’s to the city back in the 1970’s was considered both affordable and expected for most young couples. Fast forward to 2018 and that single purchase is now funding many retirees who are accessing substantial equity in their properties.
Seniors downsizing to smaller, low maintenance residences or a retirement village can find it a liberating experience. The symbolic and literal de-cluttering of one's life to begin a new one; lightening their life in so many ways.
Once the kids are grown and gone, retirement living can also prevent the isolation which may become be a factor in later life. Finding like minded individuals from the same generation, with similar shared memories and life experiences can be a wonderful, new world.
For those keen to remain in their homes but still enjoy the finer things retirement has to offer, a reverse mortgage may be a feasible option.
The principle behind it is simply to access the equity in your home now, to enjoy a better quality of life during your retirement years. In practice, the process is a bit more complex, but offers you the opportunity to:
● Access a lump sum of money
● Receive a regular income
● Utilise it as a line of credit
● All or any of the above
Unlike a regular mortgage the money does not have to be paid back regularly but rather on the sale of the home if you move into aged care or on your passing.
If you are thinking about a reverse mortgage, get trusted financial advice before making the commitment. Your pension and other entitlements may be affected and interest rates are often higher than other types of loans.
The retirement years, when we are still fit, healthy and looking for adventure, should and can be, the most rewarding ones of our lives. Buy that yacht, take that trip, learn something new. If life begins at 40 then our 60’s and beyond represent the best years of our lives. Bon Voyage!