Real Estate

How To Retire Early While Receiving A Healthy Income

Thousands of people over 50 begin making retirement plans every year, dreaming of sunny beaches and long walks within our country's beautiful landscape.

But, with the UK government set to increase the State Pension to 66 by 2026 and 68 by 2046 and the cost of living crisis creating a hole in their pockets, many people are pondering how to increase their income for early retirement. 

Jonathan Christie and Karl McArdle, Co-Chief Operating Officers of The Property Buying Company, a UK-based cash buyer, suggest that investing in property is an excellent way for people looking to retire early and gain a steady income. 

Jonathan said, "One of the best ways to get started with property investing when you are over 55 is to release equity on your property via a lifetime mortgage." 

"This means that you can release the equity attached to your main residence while still retaining the ownership and receive either a lump sum or gradual payments over some time."

"We will always recommend that you seek the advice of a financial advisor, as lifetime mortgages aren't for everyone, and you will need to put aside some money for inheritance as the property won't be counted in your estate."

"By releasing equity and receiving money for your property, you can then use this to buy a second property and convert it into a property to rent out. This could be done as a Buy-to-Let, House in Multiple Occupations, an Airbnb, or a Holiday Let."

Karl said, "Buy to let is where you purchase a second property and rent this property out to tenants; a let to buy is where you let out your main residence and buy another to live in — which could allow you to let out your home property and then buy abroad."

"Holiday homes are great, whether you are looking to retire or simply want to move abroad, releasing equity and letting out your current residence while you move to a home abroad can be a great way to receive a steady income and live somewhere where you can work on your tan or get your skis on."

"Fortunately, we live in an age where there's a service for pretty much anything and letting out a property can be as hands-on or hands-off as you want. Plenty of letting and property management agencies can handle all tenant demands; you'll have to factor in a small fee."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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