Retiring in Style in 2023
If you’re looking to make the most of your retirement, then there are a few purchases you might be considering. They’ll variously help you to adapt to your new lifestyle, and to have plenty of fun in the process.
Considering a holiday home
Spending a little bit of your retirement budget on a holiday home will allow you to enjoy the occasional affordable holiday throughout your retirement. You’ll also be able to recoup the investment by allowing other holidaymakers to rent it while you’re not using it. You needn’t buy anything too far from home, either: there are plenty of static caravans, lodges and holiday homes in North Wales.
Retiring abroad
On the other hand, you might look for a change of scenery as you come to the end of your working life. Many Brits elect to spend their retirement in Spain, where the weather is favourable, and you’ll find a sizeable community of other expats there to mingle with. On the other hand, you might consider a range of other destinations where there isn’t a language barrier to overcome.
If you still have family links in the UK, then you might pick somewhere that you can easily make a return trip from, for special occasions like birthdays and Christmas. On the other hand, you might want to never come back to the UK ever again. Whatever your preference, you’ll find a destination to suit it.
In some cases, retirement abroad can be much more affordable than retirement in the UK. It might be that you have a sizeable pension pot to draw from, and so making the trip to a part of the world where living costs are lower might be worthwhile. After all, you won’t need to worry about wages.
Buying your dream car
Now that you have the time available to enjoy yourself, it might be worth splashing the cash on a single one-off investment. You might have had your eye on a car from a well-respected manufacturer – well, if you’re going to make a purchase like this, then the start of your retirement is a great time to do it. It needn’t be a car, however – guitars, wristwatches, yachts, and horses can all lend that touch of extravagance to your retirement.
If you’re in a position where you can afford these things without worrying about your finances in the long term, then this might be a straightforward decision. If not, then it’s worth thinking about how your purchase might appreciate or depreciate over time. There might come a time when you can no longer make the best use of the asset in question – in which case, you’ll probably want to sell it and make a portion of the money back.
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