We all work towards something, and for most of us, it’s a comfortable retirement;
a time when we can sleep in past 7, take in an easy breakfast and relax to read the morning paper – ever day; maybe enjoy a day on the golf course, or a nice lunch in the countryside. We’ve worked hard our whole lives and surely this is the lifestyle we want as the reward?
Well, when I was young, my mother used to tell me, you can’t always have what you want and it appears, unfortunately, this is true. Key Retirement Solutions, confirmed the average borrower aged 65 or over still owes a staggering £43,069 on their home loan! At 65 years of age, you may think you’re at an age where the time is right to relax a little but as you enter the “golden age”, it seems many of us will actually be panicking about where the next mortgage payment is coming from?
And if you’re in this situation – the current recession does not bode well. Anyone falling into the retirement age category is more than likely to be offered, and opt for, a very attractive redundancy package. But with re-employment options looking slim…and early morning starts harder to manage, dare we ask what happens when the money runs out?
Key Retirement Solutions suggest most people in this situation are resorting to selling their homes and downsizing to eradicate remaining debt and free up “much needed income to further enhance their retirement years”.
After all those years of grafting to provide for our future…when the future finally arrives, how is it, that we’re now trading in our family homes for a little flat in order to stay above water. With all of us hanging around for a lot longer these days, it seems “retirement” may not be the long awaited rest we were all looking forward to 😉
Maybe it’s time to re-define this wonderful word, which in this day and age, is far from accurate.
Definition according to the dictionary: to Retire: to draw back, withdraw or rest.