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Downsize or relocate

Explore ways of using property to fund your retirement

How property can help your retirement pot

As you near retirement, there’s still time to consider your next move. You may decide to sell your home, downsize or relocate. Or you may want to release some equity from your home. Explore your options that can fund your retirement lifestyle.

Release some cash by selling, relocating or downsizing

If you own your home, selling it may provide you with additional income for your retirement. You may decide that it’s time to sell because you:

  • want a smaller home
  • want a different lifestyle
  • need to be closer to healthcare services
  • want to release the equity in your home and buy a less expensive one
  • would like to buy another home that’s easier to maintain and meets your needs (i.e. it’s single storey with no stairs as you age)
  • want to release some money to invest to provide you with future income.

Think about relocating

As well as selling your home, you could relocate to a new area. Now might be a good time to relocate because you could:

  • move closer to family, friends, or the places you spend most of your time
  • reduce the time spent maintaining your home (cleaning, gardening, repairing, etc.)
  • travel without worrying about who’ll look after your house while you’re away
  • enjoy a positive effect on your health, especially if you moved to a warmer climate
  • be closer to healthcare services.

Or consider downsizing

Whatever your reasons for downsizing – a smaller home, a new climate, wanting to be closer to your family – using the equity in your home could improve your retirement lifestyle. Make sure you fully understand the risks before you make your decision – talking to an Adviser can help.

How to manage potential selling risks

There are plenty of things to consider before you sell. You can help to reduce your exposure to risk by planning ahead as far as possible, including using professional advice.

Here are some risks to consider, and ideas of how to manage them:

Potential risk Managing the risk
A smaller place isn’t always cheaper Understand all the costs of moving, living in and maintaining your new home before you move
You may miss people and facilities in your current area Trial your potential location before you commit by house sitting or renting
It may be difficult living in a smaller place Try locking up some of your current rooms and doing without items you may not be able to take – it may give you an idea if you’re ready for a smaller place
The home you buy turns out to be unsuitable in the future Working with an Adviser will help you make a long-term plan that ensures you’ll understand your options and potential future implications
You’re unable to sell your home for the price you’d like Make sure you know how much money you need to achieve your financial goals – an Adviser can help here

Achieve your retirement goals with expert advice

Talking to an Adviser is a great way to reach your retirement goals. They’ll bring the right knowledge, expertise and guidance to help you plan for your retirement in the most effective and useful way. Your Adviser will be able to create a plan for you, tailored to your own needs.

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Important information

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The content on this website is for information only. The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.

A disclosure statement is available from your Adviser, on request and free of charge.