When you’ve got exciting plans for the future, using equity release could be a way to fund them. If you carefully consider your options and decide that equity release is right for you, it can give you the financial freedom to make your dreams a reality. Here are some inspiring stories of people doing incredible, creative things in their later years to fire up your imagination.
The Financial Times has dubbed retirees as ‘the new business start-up generation’. With more time on your hands and equity release funds, you’re in a great position to try out a business venture. Statistics show that experienced ‘olderpreneurs’ have a better chance of their business working out than Millennials do, so there’s really no time like the present.
CEO of Bob’s Red Mill, Bob Moore, started his business milling whole grains and cereals just before he turned 50. Now 89, he still works every day after a hearty breakfast of his own milled oats. In 2010 he gave his company ownership away to his employees – a successful businessman with an inspiring story.
Always wanted to give something back but never had the time? Retirement is the perfect opportunity to get involved in some charity work or set up a social enterprise.
Paul Newman made amazing salad dressings for his family and friends and they persuaded him to make it a business. After a successful acting career, Newman wasn’t interested in making money, but he did want to do something charitable. At 57, he founded Newman’s Own – selling his dressings and other food products. All the profits (around $250m to date) are donated to the Newman’s Own Foundation, which makes a difference round the world with charity projects.
We all have gifts that we are encouraged to nurture and develop in childhood. Life gets busy and we put these things on the shelf. Whatever your talents, consider picking up where you left off and give it another go.
Louis Armstrong was 62 when he knocked The Beatles off the top spot to be No.1 in the charts with ‘Hello Dolly’. Your talents can peak at any age, so now is the ideal time to take up those piano lessons or dance classes again. Invest in yourself – it’s always money well spent.
Now is a great time to tick some places off your travel bucket list. Join the ever-growing community of Senior Nomads travelling the world. You have the funds and the flexibility to travel whenever and wherever you like. Hire a campervan and road-trip around New Zealand, drive through rugged Scotland or take a gap year and plan a route through Asia – the world is your oyster.
Baba Lena, 91, from Russia is dedicating her twilight years to travelling the world solo. So far she has visited Israel, Thailand, Vietnam and Germany and spent her 90th birthday in the Dominican Republic. With the help of her grandson she is sharing her adventures on Facebook and Instagram.
Finding the right equity release option for you can feel daunting, so it’s important to get straightforward advice. If you’d like to find out more, talk to one of our friendly advisers.