WHETHER it’s cruising through the crystal waters of the Caribbean or spotting wildlife on Safari in South Africa, we all have our personal bucket list of places we want to see while we still can.
For a growing number of adventurous retirees an annual holiday in the sun isn’t enough.
Age Partnership research shows that over half of over-50s go on holiday more than once a year
In fact research by Age Partnership shows that over half (53 per cent) of over-50s go on holiday more than once a year.
Some barely have time to unpack from one trip before booking the next, as the study found 4 per cent of holidaymakers in this age group manage to get away more than five times a year.
Japan is the top destination for over-50s according to analysis by Pettitts Travel, which scored countries against a list of top priorities identified by people of this age.
Its Silver Years Travel Index found that sites of historical interest, nature, safety and accessibility were all important factors for older travellers.
On this basis, Germany came second, followed by Italy, Switzerland, Croatia, Spain, China, Portugal, Canada and France.
Equity release may enable you to travel more in your retirement
You might feel that these kinds of adventures are beyond your means, but there are many ways of raising the money.
Rent our your home
Holiday lettings websites allow you to rent out your home while you are away so you can use the proceeds to fund your travels.
Websites like AirBnb are great options if you want to go away on a long trip and make money by having guests in your home.
Be careful to check that this wouldn’t invalidate your mortgage or home insurance.
Some companies that will manage the whole process for you so that you do not need to be there when guests arrive and you can take out special insurance to cover any damage.
Find a holiday swap
Another alternative is to swap homes with a family abroad so that you both benefit from free accommodation.
Some websites to try include Homestay.com, LoveHomeSwap and Home Exchange.
You may have to pay an annual or one-off fee, so make sure you compare costs before signing up.
Again, you should check your home insurance and mortgage to make sure you’re protected.
Cut your bills to free up cash
You could also carry out a review of all your household bills – including car insurance, gas and electricity, broadband, mobile phone – and make a note of when each one is up for renewal.
By using comparison sites such as MoneySupermarket.com or Comparethemarket.com to switch onto cheaper deals you could save hundreds of pounds a year to put towards your holiday fund.
Use equity release to free up cash
A possible option if you are a homeowner is equity release, it could allow you to unlock some of property equity you have probably built up over the years in order to pay for your dream holiday.
Calculate how much tax-free cash you could access.
A lifetime mortgage allows those aged 55 and over to release some of the money tied up in their property as a tax-free lump sum.
You can stay in your home for as long as you live or until you need to go into long term care. The loan, plus accrued interest is paid back when your home is eventually sold.
Homeowners can choose whether you want to pay back interest over the course of the loan or allow it to roll-up until the end. Part of the criteria for equity release is that you repay any outstanding mortgage that you may have, but after you’ve done that the money is yours to spend how you wish.
It is also possible to ring-fence part of the value of your home so that you can leave an inheritance to your loved ones.
Request your free guide to equity release.
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An equity release advisor will ensure that you’re fully informed about all aspects of equity release including the effect it can have on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
They will provide you with a personalised illustration which outlines all of the features as well as the risks.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property.