Worried about pension provision? Life Tenancy Investments can provide the solution for tomorrow’s Superboomer
YOLO. The popular acronym which stands for “You Only Live Once” has finally made it into the Oxford online dictionary but this spontaneous, carefree attitude to life is no longer solely the preserve of today’s youth. Ever increasing numbers of over 50’s, dubbed Superboomers, are living life to the full with adventurous holidays, luxury goods and busy social lives.
Enjoying a ‘boundless existence’, as tech firm Huawei describes it, in later life comes at a cost however and not all Superboomers approaching retirement have made adequate pension provision for their golden years.
In fact the government has warned that almost 12 million people in the UK are failing to save enough for their retirement. And whilst Pensions Minister Steve Webb offered some reassurance in that the state will “always provide a decent safety net so people can get by, anyone wanting to see their standard of living maintained into old age needs to make their own provision too.”
So how can individuals make their own provisions?
The recovery of the housing market has not only been good news for the UK economy but also homeowners with rising prices resulting in over £807 billion worth of property wealth being owned outright by over-65 proprietors according to the latest Pensioner Property Equity Index from Key Retirement Solutions.
With such wealth within easy reach, more and more 60+ homeowners up and down the country are choosing to become a Life Tenant through the Life Tenancy Investment model.
Guy Charrison, Founder and Owner of the Guy Charrison Property Consultancy and hands on Life Tenancy investor explains,
“Life Tenancy Investments have long been the preserve of some of the largest financial institutions and listed property companies but they are now available for both individual investors and homeowners alike to benefit from.
“They offer a simple and straightforward way for retired people to significantly reduce the price of their next home in return for lifetime ownership. They become the Life Tenant of the property whilst the investor is afforded the opportunity to purchase bricks and mortar for a fraction of its current open market value offering superb potential for capital growth”
Guy continues,
“The Life Tenant has a lifetime lease on the property entitling them to live peacefully and quietly in the property rent free until they either pass away or permanently move into long term care. They just have to maintain and insure the building as they would anyway. For me, this is a win-win situation.”
One such case in point is Mr Freeman, a Superboomer who wanted to move out of his small Central London studio flat into a larger freehold property with a garage so that he could purchase his dream car – an American Thunderbird. He sold the ownership of his studio to an investor thus becoming a Life Tenant. In return he used the upfront lump sum to purchase another property complete with garage to house his new pride and joy, the Thunderbird.
So if you want to enjoy a ‘boundless existence’ in your later years but are concerned about funding a YOLO lifestyle then why not consider becoming a Life Tenant?
For more information on the process and Life Tenancy Investment opportunities available through Guy Charrison Property Consultancy, call today on 01344 851 007 or visit www.guycharrison.com.