There are many important things in life to save up for; from purchasing a car, getting married, or moving into your first home. But when it comes to later life, more than a fifth of Brits don’t think they’ll be able to retire*.
Saving for your retirement can sometimes feel daunting, but here at the Marsden, we believe that it’s never too early to start. Long-term saving goals like your retirement savings may require long-term options.
Focus on the long-term
Try to picture your perfect retirement and evaluate how you’re going to get there, step-by-step. Establish your future income streams to supplement your pension throughout retirement; from independent savings to valuable assets such as your home. Whatever your preferred method is, it’s important to set aside some money each month to save into your retirement fund.
Budgeting can help you split your hard-earned income into three categories; essentials, things you want and savings. Always try your best to maintain your savings, and ensure you are adding enough each month to reach your retirement goals. If you’d like to save more, review your costs and make sure you’re getting the best deals on essential spending.
Consider your options
Over 55 and looking to reach your retirement goals? Your savings aren’t the only option you have. Many people consider a mortgage in later life for a number of reasons and borrowing in retirement isn’t out of bounds. In fact, we offer a range of solutions for those aged 55 or over, whether you’re looking to move to a new house, or release funds from your property to support your plans for retirement.
Our 55+ Retirement Mortgages are available on an interest only or repayment basis, and work just like a conventional mortgage, except they’re available to applicants aged 55 to 85.
Another option could be our Retirement Interest Only (RIO) Mortgages, which are an alternative to equity release. Available on an interest only basis to those aged 55 and over, a RIO mortgage could be suitable if you want to remain in your own home with no plans to downsize.
How can the Marsden help?
As Lancashire’s largest building society, we’re here to support you now, and in the future. We’ve got over 160 years’ experience in helping people buy a home and reach their saving goals. With a contact centre to assist with your enquiries, and 8 branches across Lancashire; we’ll help you find the product that’s right for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
*Scottish Widows 2020 Retirement Report