Many UK seniors and non-British workers are still anxious over how a Deal or a No-Deal Brexit could affect their UK state pension; or on how and where foreign-based UK retirees and non-British workers in the UK, should coordinate state pension claims.
Actually, there is no cause for worry even if the finalisation of the withdrawal event is taking a long time to materialise. The latest deadline set is on October 31, 2019, to which the UK government has updated the State and Pension web pages. They provide up-to-date information on matters that concern British and non-British retirees living and/or working in the UK. That way, currently retired senior adults and those who plan to retire can prepare a retirement plan based on either a Deal or No-Deal Brexit withdrawal.
The more important thing is for UK retirees or future retirees, regardless of nationality, move forward with a retirement plan. Let’s face it, saving up for a future retirement is a challenging mission. Even more so if goods and medication, would have higher prices if coming from any of the EU economic zones.
Important Options Available to Senior Adults Who Retire
Most retirees anticipate reaching a stage where state pensions or money saved for retirement will not be enough in addressing deteriorating physical and health conditions. They therefore look for ways to increase or optimise their retirement funds as early as possible.
Those who were able to own the property in which they live consider taking out a mortgage loan under a home equity release scheme. Others who are not as fortunate optimise their retirement money by cohabiting with relatives or nearest family. Some others co-share a home with other retirees, or with a younger adult. The latter arrangement though requires help of a non-profit organisation dedicated to helping seniors cope with the difficulties of living alone.
Home Equity Release Mortgage
There are several types of equity release mortgages to choose from when seeking to boost one’s retirement funds. The most basic is the Lifetime Mortgage, which allows an elderly to borrow funds using their real property as collateral. Its main feature is that it allows borrowers, age 55 and beyond, to cash out a portion of their equity but without requiring monthly payments.
The payment scheme of a Lifetime Mortgage works on the principle that the mortgaged property, will in time, appreciate in value. The property therefore will be sold in the future, once the senior borrower passes away, or when he or reaches a condition that requires full and long-term nursing care in a facility.
To at least have an idea on how much can be borrowed, be sure to use the kind of equity release calculator uk lenders are using. That way the tool will calculate the loanable equity amount based on data related to British seniors and to UK properties.
Cohabitation or Home Sharing Options for Seniors
Adult children of retired Britons usually offer their retired parents the comfort of their home to help optimise their parent’s retirement money. This is usually true if retired parents are only renting out a flat or a big house that was once home to a big family. Some retired seniors prefer not to impose on the family of their adult children, since they want to have the freedom to live as they please during retirement.
In such cases, some non-profit organisations extend help by looking for a potential homesharer, who can stay with, and at least be a friend to the senior sharing his or her home. Home Sharing administrators carefully vet a potential homesharer. They usually select a younger adult willing to do some simple chores for the sharing senior, as an alternative to paying rent. Both the homesharing senior and the younger adult pay the non-profit organisation a monthly minimum fee for their administrative services.