0 How to Increase your Income in Retirement By The Bower Team / In Retirement Planning How does your income in retirement fare against your expenditure? Do you have enough money to spend on holidays, your home and hobbies? To treat your grandchildren or spend on leisure time with friends? Is there an emergency savings fund in reserve to draw upon, giving you peace of mind should any unexpected expenses materialise? If the answer to any of the above is no, yet you own your own home, there could be a way to transform your life in retirement by releasing some of the value that has built up in it over the years. Create a Cash Reserve Most people think of Equity Release as taking a cash lump sum and that’s it, but there is actually an option which can provide a regular income stream or cash reserve facility too, and it need only be called upon should it become necessary. A flexible drawdown Lifetime Mortgage allows you to withdraw cash sums whenever you choose until the reserve has been used up. This type of equity release plan can provide several benefits, including: Creates a cash reserve fund from which amounts as low as £2,000 can be drawn if needed Interest is only charged on the amounts released, which could save a great deal for your estate Can leave any means tested benefits intact by keeping within the limits A pre agreed fund means no further applications or valuations, just a simple phone call to access your money A drawdown facility normally involves releasing a small initial cash lump sum which could be as low as £10,000, and then continues to provide a pre agreed cash reserve facility allowing individual sums as low as £2,000 to be taken if needed. These plans can be ideal for providing additional income or savings in retirement to pay for all those enjoyable things you looked forward to when you finished working. They are also good for peace of mind: creating a rainy day fund that’s there if you need it. Transform your Life in Retirement Thanks to drawn down lifetime mortgages, thousands of homeowners enjoy: The peace of mind of an emergency savings fund The ability to afford regular holidays, home improvements and weekend breaks Comfortably financed hobbies Financial security in retirement Realise your Retirement Dreams Thinking about your retirement as it stands at the moment, are you realising the dreams you had for a life of holidays and leisure? Do you feel comfortable that you have enough money to tide you over should the unexpected happen? If some extra income or an emergency savings fund would make all the difference, why not take independent specialist advice on Equity Release? Providing you select a whole of market equity release specialist they will be able to search the entire range of plans available and will advise you as to whether a draw down lifetime mortgage is the right type of plan for you. Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.