If you have retired within the last 12 months you may well be going through a period of adjustment to your ‘new life’.
What to do next? You may well have reorganised your finances, or made some significant purchases and now be looking at what to do to make the most of your income in retirement from now on.
If you are feeling more financially restricted than you expected, or are considering a major purchase or expense, you may wish to consider whether your property - for most people, their biggest asset - could provide you with a lump sum or an extra income.
This type of loan secured against your home is known as equity release. Find out more here.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
Equity release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate. We ask that you always consult a specialist financial adviser who is qualified to advise on these products.
As it is a lifelong commitment, we also recommend you involve your family in the decision making process because releasing money from the home will affect the amount that you will be able to leave them when you die.
Other considerationsOther ways to improve your finances in retirement might include:
Our budget planner Money Advice Service
Find out more about equity release