Organising your personal finances might seem daunting. When you’ve got an active park home social scene to enjoy, it can be something of a hassle, too. But neglecting these important matters may have serious implications. Fear not though, our guide to all things financial has taken the strain out of things and done the hard work for you…
For the over 50s, the need for financial planning is every bit as great as it is earlier in life – possibly more so. Providing for a long and secure retirement can frequently compete with pressure to fund the weddings and university fees of family members, the rising cost of living, paying off a mortgage and maintaining a decent lifestyle. As ‘children’ delay leaving the parental home into their 20s and 30s, the days of becoming an ‘empty nester’ disappear ever further into the future and the ‘Bank of Mum and Dad’ remains open for business longer, putting money aside for retirement can prove challenging.
It’s no surprise then that the equity release potential of moving to a park home may be a desirable option to put your finances on a better footing.
However, much as we at PH&HC are advocates of the residential park lifestyle, we advise all potential ‘converts’ to look at the bigger picture before taking the plunge, and to set it in the context of a realistic financial plan. Although we’re not authorised to provide financial advice, we are about to outline some points to bear in mind when looking at your long-term financial planning for retirement in this article…
First thing’s first: there is no substitute for professional advice. As Red Adaire, the famous oil well fire fighter, said: ‘If you think hiring a professional is expensive, wait until you hire an amateur.’ So, if possible, appoint an Independent Financial Advisor (IFA) – and, if at all possible, get a trusted family member or close friend to recommend one. The IFA profession is highly regulated these days and the costs should be transparent and easy to understand, but the number of products and policies available is mind-boggling, so you need an advisor who is on the ball!
Read the full story in the July 2018 issue of Park Home & Holiday Caravan