It’s a fact that we’re living longer than ever before. While this is great news for those of us looking forward to giving up the 9-5 and enjoying a more relaxed pace of life, how we pay for our retirement is a big issue.
It is clear that we need to be thinking about our finances for later life as early as possible. Of course, we all have many pressures on our pockets in our 20s, 30s and 40s, including bills and the cost of bringing up a family, but it would be unwise not to think about the future too.
Extra income
We’ve been interested to read some research by AJ Bell, one of the UK’s largest providers of online investment platforms and stockbroker services, which suggests the right property in retirement could bring in financial benefits in addition to a pension.
The report suggested that a direct comparison between investing in a buy-to-let property and a pension was difficult. However, it found that while pensions beat single-property returns, investors with multiple properties had the potential to exceed pension money.
Fund your future
This research shows how important it is for us to give careful consideration to our retirement, especially if we want to live comfortably and make the most of our golden years. It also suggests that bricks and mortar could, in the right circumstances, still represent a good investment.
As a result of Automatic Enrolment, millions of people now have a workplace pension, which is a good thing. However, it is also worth thinking about how else you could increase your financial security after you’ve finished working.
Despite recent tax changes, investing in buy-to-let property offers many benefits, including a regular income and the added advantage of allowing you to release the value in your home should you ever need it. After all, it is you who is in control if you need to sell your property.
However, it’s important to remember that all personal circumstances are different. Therefore, we would recommend that you seek independent financial advice before making a decision.
Choose Redrose
You have the best chance of making a success of letting out property in retirement if you employ a letting agent to do the hard work for you.
At Redrose, we’re hugely experienced at managing and marketing homes ‘to let’. After all, we’ve been leading the way in Buckshaw Village since 2003. Plus you can rest assured that we’ll look after your property as if it was our own.
Alternatively, if you’re thinking of managing your rental property yourself, you may want to take advantage of our ‘let only service’. This means you can take over the running of your property once we’ve found you a tenant.
We specialise in letting homes in Buckshaw Village, but also manage other properties in the Chorley area.