With the trend of us living longer than previous generations, it is only fair that those in the latter years of life are able to enjoy themselves as if there was no tomorrow! Fun and excitement is no longer reserved for the young and the reckless, with many retired people looking for adventure before it is too late – and quite rightly so!
Many people of pension age will have some form of income to fall back on, but living an adventurous lifestyle does not come cheap. The typical state pension would not, for example, allow for a round-the-world cruise or a two month spell in a country such as Australia. But this does not mean that the dream has to end.
It is possible to take out something called an annuity. Annuities are policies or plans which mean that you get a lump sum of money every month or year for the rest of your life. There are of course terms and conditions that come with such a product, and things to consider include the fact that it may not be possible to pass your property on to a family member or beneficiary.
This particular point is something that will mean many people rule out an annuity altogether. But with the younger generation having a firm grasp on being able to stand on their own two feet and move up the property ladder quite ably themselves, it is still worth considering putting yourself first!
Indeed, most of the younger generation would agree that they would prefer older relatives to enjoy life to the full in the retirement years, instead of worrying about leaving assets for them. So take the plunge and enjoy the latter years to the full – you only get one chance!
