L I F E S T Y L E | H O M E I D E A S | P E N S I O N S | T R A V E L

G E T M O R E F R O M L I F E

GOING TO THE LAND DOWN UNDER‘If not now, when?’

It’s an aspirational approach which inspired one couple to travel to Oz for the first time. Read their Australian tale inside..

Home Jenny Swann attempts to emulate a

mysterious dark haired lady in her new bathroom.

Lifestyle There is an alternative to the

heartache of downsizing.

Property How much is your home worth?

See how property values have risen since the 1950s.

moreSUMMER

2020

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To say we were delighted with the overwhelmingly positive reactions to the first edition of More, the equity release magazine we published last summer, is an understatement.

The decision to produce a ‘hard copy’ publication showing readers how they can benefit from equity release, whether by improving their homes, extending a helping hand to family members, or heading off on the holiday of a lifetime has been completely justified. Indeed, such was the demand for copies that a second print run was required.

Furthermore, as the popularity of equity release continues to increase, we’ve taken the decision to publish More every quarter in order to continue highlighting the options available to homeowners wishing to release tax-free equity from their property. That might sound like a brave decision considering the unusual times we’re living through, but we believe that as the appeal of equity release continues to increase, so demand for information about the process will also rise.

Our summer 2020 issue of More is packed with enticing lifestyle and travel articles, as well as features dealing with the specifics of equity release. As we go to press, travel restrictions continue to apply in many countries, but they won’t be in place forever and once they’re lifted, I imagine millions of people will take the opportunity to scratch their travel itch more vigorously than usual.

My wife and I certainly did so when visited Australia for almost five weeks late last year. Part of the reason for the extended journey emanated from a motive that drives many of us once we turn 50 – if not now, when? Hopefully, my article on page 12 will inspire many of you to follow in our footsteps.

I believe a similar attitude prompts many folks to explore the attractions of equity release.

We know that most people use their tax-free lump sum to refurbish their homes or help a loved one onto the property ladder, but a large percentage also treat themselves to ‘big ticket’ purchases, such as a new car or a world cruise.

Money is a serious business, but we shouldn’t lose sight of the benefits it can bestow.

The if not now, when approach to life is one that perhaps begins to make greater sense as we get older. It’s a sense that has become even more acute since the onset of lockdown. Enjoying life, whether by travelling, driving a new car (or motorhome – see page 7), helping your children or simply by treating yourself to a little luxury can have an enormously positive impact on our wellbeing.

To conclude, we trust you find some inspirational ideas and enjoy the latest edition of More as much as issue number one.

Peter SharkeyManaging Editor

Launched in 2017 with a self-imposed brief to highlight the need for longer-term financial planning and investment, Moneymapp’s personal finance editorial can now be read in more than 75 newspapers and on their websites every week.

In addition to providing comprehensive information on equity release, visitors to moneymapp.com can also discover details of additional investments designed to make retirement easier.

For further details, please visit moneymapp.com

Should you have any questions regarding equity release, please email us: enquiries@moneymapp.com quoting reference LIFEM1

More is produced and published by Sharks Media Limited

Managing Editor: Peter Sharkey

Contributors:

Clare Hillier

Tess Pyrek

Jennifer Swann

Martin Oldfield

Account managers:

Katy Morris

Suzie Hosking

Art director:

Greg Kelly

Printed by Mannin Group Ltd

© Sharks Media Ltd 2020

I N T R O D U C T I O N

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04 PROPERTY LOVE AFFAIR

It’s no wonder property makes most Brits fall head-over-heels. Our unique stats show why.

08 PENSION BOOST

Converting the ‘paper wealth’ built-up in your home into tax-free cash with which to boost your pension.

10 THE ULTIMATE BUCKET LIST

Itchy feet? Be inspired by our top 10 places to visit, from Giza to the Galapagos.

12 OFF TO THE LAND DOWN UNDER Following an unexpected postponement several

years ago, our intrepid editor heads to Australia for the first time.

Contents

16 CARE COSTS The possible need for

longer-term care is the flip side of a rise in life expectancy.

06 TUBE INSPIRES NEW BATHROOM

Advertising clearly works. It prompted Jennifer Swann to invest in a new bathroom and turn herself into a mysterious lady...

15 DOWNSIZING Torn between leaving

a lifetime of memories behind and downsizing, one couple realised there was an alternative.

S U M M E R 2 0 2 0

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Your home’s value is more than

‘paper wealth’n by Martin Oldfield

Take, for instance, the graphics on the page opposite, one of which confirms that even during the relatively low-

growth decade which began in 2009, average UK property prices have risen by more than 40%.

Had you deposited £100 in a bank savings account in 2009, it would today be worth £105.38. Contrast that miserable return with figures supplied by Nationwide Building Society which show that a house you could buy a decade ago for £154,000 would set you back almost £216,000 in the current market. It’s worth noting that the period covered by Nationwide include two years when property prices fell.

Another graphic suggests that regardless of what type of music tops the charts, property has continued to perform like a genuine A-lister. Space limitations meant we couldn’t include every year’s best-selling record since the early 1950s (Nationwide’s figures go back to 1952), but the average 10-year rise in value is music to the ears of homeowners.

A separate graphic shows that on four occasions since 1952, the UK property market has really got its skates on as values soared by an average of 77% over periods of more than three years. It’s noticeable that we haven’t seen anything similar to this since 2004, although who could rule out another surge in value?

While statistics and graphs make for interesting reading, many people wonder how they can make their home’s inherent wealth work for them. It’s all well and good owning a property that has risen steadily in value, but is it possible to access the wealth built up over many years?

The short answer is ‘yes’.

Consider the array of facts and statistics opposite because if your home has increased in value, it could provide additional capital with which to supplement your existing income. Thousands more UK homeowners are doing something similar every month, ie, unlocking equity from their property to improve their level of disposable income.

Converting the equity in your home into tax-free cash allows you to improve your standard of living, or top-up income from under-performing investments. Importantly, however, the money is yours to spend as you wish.

The most popular use of this tax-free cash is to fund home improvements. Many people just fancy a new bathroom, while others convert their homes into social hubs for family and friends.

Plenty of people continue to release equity to finally rid themselves of the burden of an

interest-only mortgage, while a significant

percentage buy ‘big-ticket’ items such as

a new car, or treat themselves to a luxury

holiday.

An increasing number of people release

funds in order to support loved ones, either by

giving them a hand onto the property ladder

or by funding their children’s higher education.

It’s probable that by using a percentage of

your ‘paper’ wealth now, there’s likely to be

less available in your estate when to comes

to leaving an inheritance. Furthermore,

releasing equity could also affect your

entitlement to means-tested state benefits.

In the first instance, having a word with a

fully qualified equity release adviser makes

good sense; after all, if you want to release

some of your property’s accumulated

wealth, you want to ensure you’re doing it

properly.

Britons’ long-standing love affair with property is continually reinforced by statistics which explain our devotion, at least in part.

P R O P E R T Y

For further details and to receive a FREE guide to equity release, please call 0800 188 4812 and quote reference LIFEM1.

Many people give their loved ones a leg-up onto the property ladder.

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YEAR 1953 1963 1973 1983 1993 2003 2013

Av. house price £ 1,891 £ 2,673 £ 9,767 £ 28,623 £ 51,050 £ 133,903 £ 174,444

Best-selling single I Believe She Loves You

Tie a Yellow Ribbon

Karma Chameleon

I’d do anything for

love

Where is the love?

Blurred Lines

Artist Frankie Laine

The Beatles

Tony Orlando &

Dawn

Culture Club Meat Loaf Black-Eyed

PeasRobin Thicke

P R O P E R T Y

YEAR AVERAGE VALUE PL WINNERS

2019 £ 215,910 Man City

2018 £ 214,578 Man City

2017 £ 209,971 Chelsea

2016 £ 204,238 Leicester

2015 £ 194,258 Chelsea

2014 £ 186,544 Man City

2013 £ 167,294 Man Utd

2012 £ 164,955 Man City

2011 £ 166,764 Man Utd

2010 £ 168,719 Chelsea

2009 £ 154,066 Man Utd

Average UK house prices(Second quarter figures)

2009-2019

Period Q2 1971 to Q3 1974 Q1 1978 to Q3 1980 Q3 1986 to Q3 1989 Q3 2001 to Q4 2004

Change in av. property values £4,909 to £10,148 £13,820 to £23,628 £38,251 to £62,782 £91,049 to £152,464

Percentage increase + 106.7% + 70.9% + 64.1 % + 67.4%

Consecutive months of growth 42 33 39 42

When the property market motors:

What was number one when you bought your home?Average house prices, selected years, 1953-2013

Source: Nationwide

Source: Nationwide & Guinness Book of Hit Singles

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Tube ad inspired new bathroom

n by Jennifer Swann

Emerging from the depths of London’s underground during a weekend visit to the capital late last year, one particularly striking advertisement caught my eye.

It featured an attractive, dark-haired woman in full make-up soaking in a hot bubble bath with what looked suspiciously like a G&T.

She was reading a book, languishing without a care in the world, wearing little more than a satisfied smile.

‘I want to be her,’ I thought. ‘How come I never have the time to relax in the bath like that?’

Truth be told, at the time our family bathroom didn’t lend itself to long, restful bubble baths surrounded by a clutch of candles from Zara Home. It was clean, but a little, ahem, dated. The lady in the Tube ad activated the subtlest call to action. A bathroom makeover was needed.

In fact, by the time I’d undertaken some online research, I was convinced that installing a new downstairs cloakroom and overhauling the tiny ensuite shower room adjacent to a guest bedroom at the same time would make sense.

My husband wasn’t really interested, but the more brochures and online images I examined, the more I pictured myself, hair up, relaxing in the bath with a glass of something

chilled, enjoying a rare slither of valuable ‘me time’. But where to start?

It’s only when you start digging below beautiful images of the finished article on websites like Pinterest that you appreciate the work involved. What size floor tiles do we need? Shall we have contrasting tiles in the shower? Can we turn the bath side-on to the far wall?

I didn’t realise there were so many variations on the humble shower door, while the array of tap fittings for baths and basins is truly astonishing. I concluded that when it comes to tile selection, there is no correct answer.

I am enormously grateful to Wren Bathrooms who made several home visits to help with the planning and ultimately created three well-designed rooms. Furthermore, their contractors started the project on time, were polite, cleaned up after they finished each day and when they unearthed any problems as they ripped the old bathrooms out, simply got on with rectifying them. Even when I asked for one or two things to be done slightly differently to what we had originally agreed, the men were extremely accommodating

Six weeks later, after living on the equivalent of a building site accompanied by drilling, hammering and Lord knows what else, the project was complete. Though everywhere took a while to clean properly (thank heavens

for rubber gloves), the finished article looked fabulous.

The project wasn’t cheap, but goodness, it’s made such an enormous difference to the house – as well as adding value to it.

Ordinarily, I’m an habitual shower user, but pre-lockdown, my opportunity to at least feel like the sensuous lady in the Tube ad now presented itself at least once a week.

You see, my husband sings in an all-male choir and practises every Thursday night (or he did and will hopefully do so again once the restrictions are removed). Once he leaves , that’s my cue to pour myself a glass of Sauvignon and head up to the family bathroom where I slide into a hot bubble bath, float off and relax for ages. The protracted lockdown means I haven’t yet added any Zara candles, but the soft background music is a delight, while the additional space created simply by turning the bath around allows for serious post-bathing pampering. By the time I’ve donned my dressing gown and fluffy slippers, Himself has returned.

“What have you been up to while I’ve been out,” he usually asks.

“Oh, nothing really,” I reply, truthfully, checking whether my smile looks as satisfied as the dark haired lady.

If only he knew.

L I F E S T Y L E

Releasing equity from your home can help you refurbish your property. For further details, please email: enquiries@moneymapp.com or telephone: 0800 188 4812 quoting reference LIFEM1.

Planning a bathroom takes time – but pays enormous dividends

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From Goodwood to Granada

L I F E S T Y L E

n by Clare Hillier

Artists including Earth, Wind & Fire, Sandie Shaw, Kid Creole and a host of others entertained us for three days with The Faces (sans Rod) topping the

bill. The musical experience took us back to our youth, but instead of roughing it in a two-man tent as we may have done 30 years’ previously, we enjoyed the comparative luxury of a built-in WC and shower (cosy, but effective), a galley kitchen and a real bed.

One morning, following an overnight downpour, I watched from the warmth of our temporary home with a prevailing sense of gratitude as people trudged through mud in their dressing gowns and wellies, carrying umbrellas en route to the shower block.

We were very familiar with static ‘mobile’ homes found on campsites, particularly on the west coast of France, as we visited lots of them when the children were growing up, but the motorhome experience fired our spirit of adventure. What if we had our own with which we could travel further afield and on a regular basis?

Three years later…

“Are you ready,” shouted an exasperated-sounding husband.

“Just putting the last-minute things in my bag,” I replied.

Why is it that men cannot understand why items such as make-up, lip balm, moisturiser and several other travel essentials can only be packed immediately before you leave home? Answers on a postcard please.

This was to be a very different trip to Goodwood. Not only were we were taking a motorhome abroad for the first time, most importantly, the vehicle belonged to us.

It took a little longer to travel down the M5 to Plymouth than it would in the car, but we were in no rush. The night sailing to Roscoff didn’t disembark until 9.30pm and we would be allowed onboard an hour or so before. I was, however, grateful I didn’t have to manoeuvre the motorhome into what appeared a very tight space allocated to us in the ship’s cavernous garage.

We were on the road by 9am the following morning, travelling south with views of the rolling French countryside, a blue sky and the happy prospect of being able to stop wherever we wanted to enjoy a cuppa in our own kitchen.

Our destination was the Vendée, a region we had last visited perhaps a decade earlier; now, instead of spending a fortnight in one place,

we planned stays at several campsites and a handful of small towns. We had a great time and two-and-a-half weeks later, our template for future European travel had been created.

That first overseas jaunt with our second-hand motorhome was in 2013, since when we’ve journeyed to Spain, Portugal, Italy, Switzerland, Germany and the Low Countries, as well as completing dozens of trips closer to home, racking up thousands of miles in the process, most of which have been without a hitch.

But the ‘van’ as my husband calls it, is beginning to show signs of old age and before next summer would like to replace it with a new one. Actually, that should be a ‘newer’ one because brand-new models can easily set you back £60,000, which is almost a third of what we paid for our house many moons ago.

Future travel plans include spending more time in northern Europe and exploring the Mediterranean in greater detail – well, who wouldn’t want to do that? For couples with time on their hands who might be thinking along similar lines, a 4-berth motorhome comes with the heartiest recommendation.

The first time we hired a motorhome, my husband and I travelled from home in Bristol to a music festival, known as Vintage, held at Goodwood racecourse in August 2010.

The tax-free funds generated by equity release can be used for anything you want – including buying a motorhome. For further details and to receive a FREE guide to equity release, please call 0800 188 4812 and quote reference LIFEM1.

Attending a music festival led to a well-used ‘big ticket’ purchase.

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Using your home to boost the state pension

n by Martin Oldfield

Ihad reached a point where lunchtime texts to pals suggesting a quick, after-work beer were likely to receive replies along the

lines of: “Sorry, no. We’re in Spain”, or “Can’t do Monday – we’re off to the States”.

Even a call to my own brother, during which I recommended meeting at a local pub to celebrate his forthcoming birthday, was met with an unusually prolonged silence. “I told you we were going away,” he declared, mildly exasperated at my memory loss, “so let’s do it when we get back.” I have a vague recollection that he did tell me this, but you know how brothers can be…

All the same, either I’ve become the archetypal Billy No-Mates or the trend for Baby Boomers to turn their back to the grindstone and wind-down is gathering pace. I fancy this trend has accelerated since the lockdown.

No wonder. The early part of retirement is considered a golden period when people expect to enjoy the luxury of uninterrupted holidays, pursuing hobbies or entertaining friends and family, assuming they’re not swanning off to Asia for three weeks (as my brother did), of course.

Granted, many retirees would say this picture is significantly rosier than real life. Yet for future generations, the gap between

this idyllic scenario and reality is likely to be considerably wider, especially if the only source of post-retirement income is the state pension.

Millions of people do rely solely upon the state pension, forced to endure a frugal retirement devoid of luxuries and weekend breaks overseas.

The state pension is far from a King’s ransom. At present, females born after 6 April 1953 and males born after 6 April 1951 receive £175.20 a week; the exact figure depends upon the level of National Insurance Contributions (NIC) made during your working life. To receive a full pension, a minimum of 35 years’ NIC is required.

Pre-lockdown, the number of my friends and relatives who had either retired or announced plans to do so appears to have risen exponentially over the past 12 months.

P E N S I O N S

It’s possible to avoid a frugal retirement.

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It’s estimated that there are more than 8.7 million households in which at least one person of state pension age lives, with around 1.4 million of these solely reliant upon the state pension. People currently planning for retirement need to ask themselves how much fun they could have once they’ve finished work if the state pension accounts for the bulk of their income.

Indeed, there’s great merit in viewing the state pension as a retirement start point, used to cover basic expenditure. In order to do those things specifically earmarked for retirement, however, most people will need to supplement the state’s £175.20 a week by drawing upon their own savings or a private pension.

But not everyone can do this, which explains the continued appeal of equity release.

More and more homeowners aged 55 and over are unlocking equity from their property, increasing their everyday budget by supplementing their retirement income.

The overwhelming majority of people who have lived in their homes for a considerable period have benefited from significant rises in their home’s value. Many have paid their mortgage off. Subsequently converting a proportion of a home’s equity into tax-free cash allows you to improve your standard of living, either by funding home improvements, supporting loved ones, or boosting your retirement income.

The equity released in the form of a tax-free lump sum is yours to spend as you wish.

Of course, using a proportion of your on-paper wealth today means there’ll be less available in your estate when you come to leave an inheritance. Furthermore, releasing equity could also reduce your estate’s value and affect your entitlement to means-tested benefits

A qualified adviser can provide a personalised illustration and explain the various equity release plans available to help you enjoy your retirement to the full. There is, however, a potential problem: you might feel bad when a mate’s text suggests an after-work drink and you advise him or her that while you’d love to, you’re away right now and back in a few weeks…

P E N S I O N S

“ Most people will need to supplement the state’s £175.20 a week by drawing upon their own savings or a private pension.

Over the course of less than ten years, therefore, many women who for years believed they could retire and receive a state pension at 60 have discovered they must wait longer; around one fifth of women have endured a wait of more than five years.

Those bearing the brunt of Brown’s changes to pension legislation were born between April 1950 and April 1960, but it is women born after April 1953 who are particularly affected.

In June 2019, a judicial review in the High Court heard a claim from two members of the campaign group, Backto60, who argued that by not receiving their state pension at the age of 60, they had been disproportionately affected.

Their case was based upon the fact that many women born during the 1950s took time out of work to care for children, were invariably paid less than men and, as a consequence, could not save as much, proportionately-speaking, into occupational pensions, which resulted

in the changes hitting them much harder.

It is estimated that 3.8 million women are in this position, with some potentially losing out on more than £40,000.

The Backto60 group is seeking repayment of all the pensions people born in the 1950s would have received had they had been able to retire earlier. It argues that the speed of change and what it referred to as the ‘lack of warnings’ has disadvantaged millions of women and was discriminatory.

The High Court disagreed, with judges saying that: “There was no direct discrimination on grounds of sex, because this legislation does not treat women less favourably than men in law.” They added that by making the retirement age the same for men and women, the legislation “thereby corrects historic direct discrimination against men.”

A spokesman for the Department for Work and Pensions said: “We welcome the High Court’s judgment. It has always been our view that the changes we made to women’s state pension age were entirely lawful and did not discriminate on any grounds.”

“ There was no direct discrimination on grounds of sex, because this legislation does not treat women less favourably than men in law.

STATE PENSION AGE FOR WOMEN WILL CONTINUE TO RISE AFTER

CAMPAIGNERS LOSE LEGAL BATTLELess than a decade ago, women received their state pension

from the age of 60; it was Labour’s then Chancellor Gordon

Brown who determined that would have to stop. Since 2010,

therefore, women have had to contend with an accelerated

age threshold which means that by October 2020, their official

retirement age will be 66; by 2028, women will not receive a state

pension until they reach the age of 67.

10 |

A bucket list to inspire

n by Tess Pyrek

After almost 50 years in work, most men were delighted to get over the finishing line, breathe a sigh of relief and look forward to days filled with relaxing outdoor pursuits such as

bowls or gardening. For women, the majority of whom were full-time housewives, ‘retirement’ likely meant an end to early morning starts and the prospect of having a little more time to themselves.

Britain’s make-do-and-mend generation shunned anything considered ‘fancy’; most were generally content with a fortnight in a caravan during the summer and, if possible, squeezing in a weekend away at a seaside resort in a friendly B&B at Whitsun.

Since this image of retired bliss last existed, probably in the late 1960s and early 70s, several developments have broadened retirees’ horizons. In particular, the relative cost of air travel has plummeted and while standards have been compromised in the process, most folks take their hats off to the trail-blazing Freddie Laker and his eponymous Sky Train.

Before the lockdown put a hold on travel, the ready availability of comparatively inexpensive flights ensured that weekenders could be in the South of France in a couple hours; grabbing Friday’s 3.45pm flight from Heathrow meant you were in the Big Apple for pre-dinner drinks. And as weekends in cities such as Prague, Copenhagen or Lisbon became the norm, so travel’s Bucket List arrived.

The drawback with bucket lists is that they’re wholly subjective. Who says Paris should be in everyone’s top 20, but not Berlin or Bologna?

Our ‘must-visit’ BL was compiled in the office late one Friday just before the lockdown began. Alcohol was taken. Not only did this save us carrying the papers to the pub, it prevented us getting kicked out because the ‘discussion’ became quite rowdy.

Eight of us discussed the relative merits of places as far afield as Singapore, the Arabian desert, Nice, California, Australia and dozens more besides. Everyone had a view; in one instance, four of us had been to the same seemingly iconic city but only one felt it merited inclusion.

In the end, we realised that our BL could fill the magazine and we only wanted a list of ten must-visit places. We turned, briefly, to the internet, but as suspected, it proved the spiritual home of subjectivity and most lists were copies of ones that first appeared in other publications.

Our bucket list is unique; the eventual selection criteria was determined by several factors, including flight availability and an indefinable need for the location to take the breath away, either because of its innate beauty, iconic nature or colossal scale.

We wouldn’t mind visiting any of the places listed right again – a point on which there was unanimity, although we imagine that once travel bans are lifted, there’ll be quite a few people thinking along similar lines.

One upon a time, the breadth of post-work opportunities available to the recently-retired or those on the cusp of clocking off one last time was

severely limited.

PYRAMIDS AT GIZA

The oldest of the Seven Wonders of the Ancient World, Egypt’s pyramids of Giza are simply breath-taking. Archaeologists date their construction to between 2,580 BC and 2,560 BC. To the eastern side of the complex is the Great Sphinx, backdrop to millions of photographs. Thankfully, Cairo is only 8 miles away and an excellent base for travelling.

THE GRAND CANYON

‘Awesome’ doesn’t begin to describe the Grand Canyon. It’s scale, geologic colouring and erratic erosion forms are both majestic and at times intimidating. At 277 river miles long, up to 18 miles wide and a mile deep, the Grand Canyon’s place on any bucket list is well deserved.

T R A V E L

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T R A V E L

THE COLOSSEUM

It’s impossible to visit Rome’s Colosseum without thinking of Ben Hur. Take a guided tour and imagine being one of the 80,000 spectators watching a gladiatorial contest immediately below in an area twice the size of a football pitch amid ear-splitting noise. Incredibly, the Colosseum was built in less than eight years.

THE TAJ MAHAL

Commissioned by the Mughal emperor Shah Jahan and built by an estimated 20,000 men between 1632 and 1653, the Taj Mahal is actually a mausoleum constructed to house the tomb of the emperor’s favourite wife, Mumtaz Mahal. It is the centrepiece of a 42-acre complex in the Indian city of Agra, described by UNESCO as “one of the masterpieces of the world’s heritage.”

SYDNEY

What’s not to like? The Opera House, Harbour Bridge, a multitude of iconic settings, the weather, the harbour, Aussies. Oh and secretly, they really love the Brits.

NEW YORK

Another truly global city which, like Sydney, is worthy of inclusion on any bucket list. From the Manhattan skyline to the Empire State Building; Brooklyn Bridge to Central Park. Take the boat trip around Manhattan – or the free Staten Island ferry which affords magnificent close-up views of the Statue of Liberty.

NIAGARA FALLS

Drive (or get the train) through upstate New York en route to Niagara. You can hear the almighty noise of the water a couple of miles away from the falls themselves. Go across to the Canadian side for the best view – and if you must try the Maid of the Mist, expect to get drenched.

THE GALAPAGOS ISLANDS

Charles Darwin developed his theory of evolution after visiting the Galapagos Islands in 1845 and the islands have fascinated visitors ever since. The wealth of wildlife, on land and in the sea, is beyond phenomenal.

MACHU PICCHU

Be prepared to trek, but once you arrive you’ll appreciate the splendour of Machu Picchu, a fifteenth century Inca citadel located in southern Peru. The citadel remained undiscovered by the outside world until 1911, but tourists have cottoned-on to its appeal since. It can get very busy, but a visit is enormously satisfying.

GREAT WALL OF CHINA

The only man-made structure visible from space, the Great Wall is appropriately named – once the length of its multitudinous branches are taken into account, it’s over 13,000 miles long. Mostly built during the Ming dynasty (1368-1644), the wall houses troop barracks, watch towers and customs posts of various vintages.

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12 |

Australia trip fulfilled long-standing

ambition

n by Peter Sharkey

Such moments become much rarer with age, although we can still get excited at the prospect

of experiencing something equally momentous. Visiting Australia for the first time, as my wife did late last year, fell squarely into this category.

Bucket lists hadn’t been invented when I was first attracted to the idea of visiting Australia. A good friend of my father had

journeyed Down Under as a ‘£10 Pom’ in the early 1960s, discontent with the UK’s post-war austerity but clever enough to recognise the opportunities offered by Australia.

I vividly recall him returning for a holiday during Britain’s ‘Winter of Discontent’ in the mid-70s when a combination of the three-day week, wage caps and limits on electricity usage had turned the nation into a drab, black-and-white place riddled with political turmoil and deep

unrest. Stan arrived at our house with his wife, Barbara. A big, broad-shouldered man, he was tanned, wore a sharp suit and possessed the broadest smile. I was captivated by his tales from the other side of the world.

Stan ran a car dealership in Sydney; he and Barbara had a house with a swimming pool! Photographs of the pair playing in the pool with their daughters under gloriously sunny skies were handed around; we caressed them as if they were

Do you remember that acute sense of anticipation you experienced as a child when you almost wished Christmas Eve away, so desperate were you for

The Big Day to arrive?

T R A V E L

The Indian Pacific: a luxurious way to cross Australia

| 13

precious manuscripts. Palm trees peppered a variety of domestic scenes, but the clincher was the polaroid image Stan handed directly to me. It was his motorboat. This guy has a motorboat. “All of my mates have one,” he declared.

He saw that I was transfixed. “You should come out,” he said. “Finish your education and Barb and I’ll sponsor you.” I was about 14 and would have left that night….

Post-university, I toyed with the idea of taking up Stan’s invitation, but my Dad lost touch with him and I landed a job in London; then the company asked me to go to the Middle East. A two-year posting soon became four. I met my wife. We got married, our daughter arrived, I started my own business, we lived in the States, then France and visited a host of other places around the world and still the desire to ‘do Australia’ remained as strong as ever.

Yet we never made it Down Under.

It was an omission we were determined to rectify last year – that pre-lockdown era when it was still possible to book flights and travel, thank goodness.

And so, following much chat, prolonged planning, innumerable itinerary revisions and plenty of accompanying wine, we booked our flights. It was at this point that visiting Australia became reality; suddenly, we were investigating visas, confirming hotel dates, arranging car hire and organising a few days of luxury aboard the Indian Pacific. The whole process of converting suggestions and chat into firm bookings and receiving confirmations was genuinely exciting.

We flew last November, enjoying a two-night stopover in Abu Dhabi (courtesy of the excellent Etihad Airways) before flying to Perth. After a few days winding down in Scarborough on the Indian Ocean coast, we headed into Perth, a place that revels in its status as the world’s most isolated city. The Adina Apartment Hotel was the perfect base from which to explore.

Spotlessly clean with well-maintained public spaces, Perth’s wealth is built upon mining, but this is no wild west. Structures such as the Bell Tower have been preserved; its Botanical Gardens are exceptional, while the beautiful walk along the Swan River accommodates walkers and cyclists alike.

We made a trip to Rottnest Island, sailing across the ocean in picture postcard conditions. We visited the WACA, one of Australian cricket’s most iconic venues and enjoyed excellent food at several restaurants surrounding Perth’s recently developed quayside.

Four days later, we boarded the Indian Pacific for a voyage of more than 1,650 miles to Adelaide.

You can fly from Perth to Adelaide in less than three hours, but we preferred the prospect of two full days on board a symbol of Australian unity.

Long-distance rail travel still feels civilised, still harbours old-fashioned appeal and offers rare opportunities to admire landscapes, to read, chat with fellow travellers, or simply enjoy extended periods of quiet reflection. Travel on board the Indian Pacific ticked all of these boxes and more: the service was outstanding, the food and selection of Australian wines available simply superb.

Once in Adelaide, the world’s only city surrounded by parks, we discovered that you could dine in a different restaurant every night of the year and complement dinner with a different bottle of local wine too. What a brilliant, wonderfully civilised city: we even got to see U2 ‘live’ at the Adelaide Oval.

Following a wonderful stay in Adelaide, we embarked on a road trip, taking our time and overnighting in a series of small towns: Robe, Port Fairy and Apollo Bay as we hugged the Great Southern Ocean’s often hostile shoreline. We reached the vibrant city of Melbourne where we enjoyed exceptional food, wine, sport and art during our four-day stay.

Time passed far too rapidly and on a quiet Sunday morning, we caught an internal flight to Sydney where we spent almost a week visiting Rushcutters Bay, Manley Beach, Bondi Beach, Darling Harbour and that iconic

combination of Sydney Harbour Bridge and the Opera House.

So many aspects of Australia lived up to expectations – weather, food, drink, its outstanding cities, but there was one feature we hadn’t accounted for: its people’s genuine friendliness. We lost count of the number of occasions people stopped and offered help, mostly with directions, but there was one couple we met, at Rushcutters Bay, who treated us like family.

We had only been chatting to Deborah for a few minutes when Mark, her other half, having finished adding fresh bait to his fishing rods, ambled over and asked where we were from. Within seconds he concluded that wherever it was, celebratory drinks were required. Dipping into a large cooler, Mark opened a beer and handed it to me. Deborah, meanwhile, poured Clare, my wife, a gallon of wine.

We sat and talked for more than an hour, Mark cracking the beers whenever he felt I required another, Deborah understanding why Clare didn’t knock her wine back in one.

If there was a moment during our trip which summed Australians up, this chance, Sunday afternoon meeting with complete strangers was it. Friendly, generous, jovial, chatty, the dozens of Aussies we met were, like Deborah and Mark, invariably wonderful people. If you’re lucky enough to get the opportunity, you really must go because you’re bound to meet folks like Deborah and Mark.

T R A V E L

Many people aged 55 and over use equity release to fund holidays of a lifetime. For details of how equity release may be used to get you Down Under, call FREE 0800 188 4812 and quote reference LIFEM1, or email: enquiries@moneymapp.com

The view over the India Ocean from the Rendezvous Hotel, Scarborough, near Perth.

14 |

T R A V E L

Winter sunshine?Sign me up

n by Martin Oldfield

T here’s nothing much better that leaving home early, the air wonderfully crisp, and watching the sun rise to reveal an azure-

coloured sky as I used to walk to the pool in readiness for a refreshing start to the day – that was, of course, before Covid-19 put a halt on normal life.

Yet we don’t live on the French Riviera which means that, in lieu of cobalt blue skies, we contend mostly with miserable cloud cover and light drizzle which, almost inevitably, grows progressively heavier, creating the dank, autumnal start-of-day scenario with which most of us are familiar. Granted, our lockdown weather has been exceptionally mild and sunny, but we know that Mother Nature will demand payment for this, probably in August when we need the lights on at midday to remind us all that we live in northern Europe.

Earlier today, the contrast between other, sun-drenched locations and the UK was further amplified when I read a news story about San Diego in California, a city where we did once live, and was captivated by the images attached to the article which featured extraordinarily blue skies. It looked warm, too

and, most understandably, prompted a bout of itchy feet.

Funnily enough, it was only recently that I mentioned to my wife how welcoming some winter sunshine would be. A shortish cruise around the Caribbean, perhaps (we’ve never been on a cruise), or a longer jaunt to the Middle East (Abu Dhabi, anyone?), would recharge batteries and, just as important, facilitate an escape from winter.  Assuming flights are operating by then.

I’m sure lots of other people sporting more than a handful of grey hairs think likewise as lockdown life has seen many of us mulling over the prospect of getting away anywhere after one or two holidays planned for 2020 have already been cancelled.

Many, perhaps reading the San Diego article, will have thought, ‘Well, you can’t take it with you’. They’re right: leaving the UK behind for virtually guaranteed sunshine, enjoyment, or just to meet new people and visit new places is not something we can do when we’re six feet under.

Indeed, because we’re increasingly aware of the fact that we ‘can’t take it with us’, many people aged over 55 are taking up options

which enable them to spend while they’re still reasonably fit and in decent health – and just as important, because they want to.

Each year, tens of thousands of ‘empty nesters’ are freeing-up cash from their property using equity release in order to enjoy their wealth and live life a little.  

Releasing a percentage of the cash value of your home, often built up over many years, while guaranteeing you can continue to live in it, can open the door to a new life.

It doesn’t have to be a Caribbean cruise: a number of homeowners aged over 55 release cash to help their children buy a first home, to pay for a wedding, fund home improvements, or contribute towards university expenses. In fact, because property values have risen steadily over the past 50-odd years (see the startling statistics on page 5), a growing number of folks use equity release to buy a holiday home.

Equity release enables people to see the benefits of a sustained rise in property values in their pocket rather than on paper. It could also come in handy when booking a trip to San Diego or anywhere else where you may escape the UK’s prolonged lockdown.

Where once I could stay in bed until the alarm bleeped a second, or even third reminder before getting up, in recent years I’ve become an avid early bird after joining a

swimming club.

Our craving for sunshine doesn’t diminish as we get older.

| 15

The alternative to downsizing

n by Peter Sharkey

S uch events usually involve a mix of 60s and 70s music, conversations revolving around children, grandchildren and travel plans,

and second-takes when you realise that yes, that woman on the other side of the room really is the 2020 version of the girl you fancied all those years ago.

One such pre-lockdown ‘do’ took place at a good mate’s house; our knees ached for days afterwards after my wife and I danced until 3am. Regrettably, the sad realisation that we’re no longer 19 hit with incredible force, ensuring we were perfectly content to recognise the following day as the Lord’s designated day of rest.

One party guest was a lady I hadn’t seen in almost four decades. We read the same subject at university together and now here she was, with her husband of 30-odd years, talking about her daughters to my wife, who she had never met. Over the course of the evening, a long-standing – if suspended – friendship was given a new dimension as two became four, each of us enjoying the fact we had so much in common.

All four of us contributed heartfelt concerns and still burning ambitions to a varied conversation which covered topics ranging from children, travel and Brexit (a potential minefield), to future retirement plans and, in the case of our new friends, downsizing.

The pair have lived in the same house for virtually the whole of their married life. Their girls were each born and grew up there. School friends regularly stayed over; family birthday parties were hosted in the garden; summer holidays planned in the kitchen; Christmases celebrated in the living room.

It was easy to build a picture of what sounded like typical family life. No sooner, it seemed, were the children getting ready for school than they were off to university. Parents’ roles change over time too: acting as bedrocks, providing certainty and, where necessary, guidance,

through good times and the occasional bad ones.

Yet this happy snapshot was infused with melancholy because the pair felt their house, home to a thousand happy memories, was becoming too big for them.

They have so many plans for retirement that they believed there was merit in selling up and downsizing. There was genuine sadness in their eyes as they looked at each other and reluctantly concurred. They desperately want to stay where they are.

Briefly, their obvious despondency silenced our lively chatter.

In the ensuing silence, it became apparent that perhaps the greatest disadvantage of downsizing is the emotional wrench.

Yet while moving to live in smaller accommodation is an option, it’s not the only one.

“Have you looked into equity release?” I ventured, before being asked to provide more detail.

Equity release enables you to convert a portion of the equity built up in your home, usually over many years, into tax-free cash. The process allows homeowners aged 55 and over to remain in homes full to the brim with love and happy memories.

I explained the importance of knowing the full facts before doing anything; releasing equity is not something you do every day: on the one hand, it can affect your entitlement to means-tested state benefits, but on the other it can also play a massive role in helping those ambitious retirement plans become reality.

A qualified adviser can explain equity release in greater detail and may have you wondering whether there is a need to downsize.

This brief interlude ushered a smile back to our new friends’ faces. Our conversation was soon back in the groove. James Brown urged everyone to Get Up Offa That Thing. So we did. All four of us. What ensued was probably the happiest reaction to a chat about equity release ever.

Invitations to a succession of (mostly delayed) ‘significant number’ birthday parties have dropped through our letterbox over the past six months, prompting responses ranging from surprise to quiet reflection. “Is John really 60?” you ask

yourself. “Goodness. I remember his fortieth!” This happens a lot.

D O W N S I Z I N G

Unexpected chat at party saves couple heartbreak of downsizing.

For details of how equity release may be used as an alternative to downsizing, email: enquiries@moneymapp.com or call FREE 0800 188 4812 and quote reference LIFEM1.

16 |

C A R E C O S T S

Care costs: A possible solution

n by Jennifer Swann

Whereas most people save towards a pension to provide for a comfortable retirement, it’s a sad fact that only a small number are

adequately prepared for potentially enormous care costs in their later years.

For people with a protracted need for care, the bill can grow to such levels, it becomes completely unaffordable.

State-funded arrangements for those seeking help with care costs have undergone several revisions over the last 20-30 years as life expectancy has risen dramatically. Presently, to qualify for financial assistance when moving into care, the level of a person’s assets, an assessment which includes the family home, must be £23,250 or below.

The arithmetic is similar even if you require care at home. In such circumstances, the value of your means-tested assets must not exceed £23,250, (the actual level is determined by your local authority).

Government plans to set the level at which financial assistance would be triggered at a nominal £100,000 remain on the back burner. Nor has the likelihood of a cap on care costs moved any closer since the matter was last aired by the government a couple of years ago.

Spend some time online and you will discover that responses to burgeoning later life care costs range from the naïve to the startling.

On the one hand, there’s a sizeable proportion of people who have adopted a ‘it’ll never happen to me’ approach, while others insist that if they do require care, they’ll die suddenly, or relatively quickly, before they’ve run up a massive bill.

At the other extreme, many people advocate the ‘quick pill’ solution, while on one website, a man wrote: “[My long-term care plan] is to take out the worst criminal in the area, own up to the deed and retire to a quiet but secure state run retirement home with three meals, entertainment, company, free TV, healthcare and all the rest.”

According to a survey produced for the Association of British Insurers (ABI), almost 90% of UK adults have made no provision to cover the cost of care, even though the majority of people who require later life care must fund it themselves, at least to some degree.

More than half of those surveyed by the ABI believe their state pension, worth around £ 170 a week, is the most likely source of income for funding care costs. However, average weekly care home fees are currently £689; if nursing care is required, the weekly cost rises to £851.

The survey concluded with five proposals. These ranged from the suggested introduction of a ‘Care ISA’, to tax relief on pension income

used to pay for care costs. Four of the proposals required legislation to become law; one, however, effectively exists already.

The ABI suggested that people aged 55 and over could be given the opportunity to release equity in their home to insure against care costs. “With no government intervention required through tax incentives, it may be possible that this proposal could be offered by providers now,” says the ABI.

According to the latest annual figures, homeowners release around £40 million from their homes to pay for care costs, a level which suggests that plenty of people have already recognised a potential future problem and done something about it.

Equity release is not a panacea, nor is it the only option for funding care costs, but the process already exists; in other words, homeowners are not reliant upon fresh legislation to release a tax-free lump sum from their homes and use the funds however they wish.

Before taking matters any further, however, it would be prudent to speak with a qualified equity release adviser who can explain the advantages – and possible pitfalls – associated with the process of releasing equity from the home.

It’s reasonable to suggest that the deep chasm between public funding of social care and the increasing needs of an ageing population looks set to widen

significantly over the coming decades.

As life expectancy rises, so does the possibility of residential care.

For further details, email: eqnquiries@moneymapp.com or call FREE 0800 188 4812 and quote reference LIFEM1

| 17

L I F E S T Y L E I N V E S T I N G

n by Clare Hillier

I’ve experienced this a few times, perhaps most oddly when buying my last car. I’d taken the vehicle for a test drive and really liked it;

I’m not a car person, so whatever I buy must be functional, reliable and comfortable, capable of getting from A to B without any fuss.

I’m not bothered if my motor has twin camshaft overdrives or go-fast stripes (this one had neither), but in the days immediately following my test drive as I was preparing to buy the car, I happened to read a lengthy article about the same vehicle. “If you’re looking for a modern, comfortable, reliable car which is an absolute joy to drive,” it concluded, “you should invest in this as it’s easily the best in class.” Coincidence? No matter; I bought it the same day.

Not surprisingly, wide-ranging surveys tend to mirror our concerns or future intentions; the greater the sample size, the higher the chances of you reading its findings and concluding it’s hit the nail on the head.

Last year, following an extensive survey, a large insurance company reported that more than half (52%) of survey participants aged over 40 were concerned about the potential lack of a guaranteed retirement income.

The situation is exacerbated by historically low interest rates and steadily rising living costs which has made saving for retirement increasingly difficult.

It would appear that, in the wake of this survey, quite a number of folks decided to address similar income-related concerns that they too were experiencing. During the first quarter of 2020, almost 22,000 people released equity from their homes; most took out a lifetime mortgage, the country’s favoured method of equity release.

A lifetime mortgage enables you to release a proportion of your home’s equity as a tax-free cash lump sum. There are no monthly

mortgage payments to make and you retain 100% ownership of your home.

As the equity release market has developed, so the range of lifetime mortgage plans has widened; today, the option even exists to draw your lump sum as a monthly income, effectively boosting your disposable income and, as a consequence, improving your retirement lifestyle.

Equity release plans are available only to those aged 55 and over and before proceeding, it’s important to receive accurate, objective advice from a suitably-qualified adviser. Releasing money from your home could affect the value of your estate and impact upon your entitlement to means-tested state benefits.

Nevertheless, if you’re thinking your retirement income could do with a boost, it might be worth having a word with an adviser who can recommend the right plan for you which could allow you to invest in an enjoyable retirement lifestyle as so many others already have done.

Every now and then you read an article and think, ‘this applies to me’. It can be a weird sensation, as though the article’s author has had access to your innermost thoughts or

watched as you’ve done something and translated your actions into words.

Investing in yourself

Half of all adults are concerned about a retirement income shortfall.

For further details and to receive a FREE guide to equity release, telephone 0800 188 4812 and quote reference LIFEM1

“ The situation is exacerbated by historically low interest rates and steadily rising living costs.

18 | the right equity release

What would

you do with £150 million?

n by Peter Sharkey

I can only imagine the number of folks nodding their heads after reading that sentence, which begs the question: what

would you do if you did win £155 million, boosting your wealth to a level comparable to that of Queen drummer Roger Taylor?

According to a study by online retailer Pixmania, the first purchase made by more than a quarter of Lottery winners who scoop a million pounds or more is a washing machine – followed by a new sofa. All very rock n’ roll, eh?

While £155 million would almost certainly solve everyone’s financial problems (actually, the £5 million would be ample – there’s no need to be greedy), the chances of winning such a colossal sum are negligible. Granted, somebody wins, but the odds against doing so are ridiculously long.

If the odds against winning a giant jackpot are against us, is there anything knocking around the house capable of claiming centre stage on Antiques Roadshow?

That battered, mahogany tripod table next to the armchair where you place your mug of tea while watching the TV for instance: could it be an original Chippendale? Or that old teapot your Gran gave you – is it possibly an original Wedgewood piece?

Again, the chances of happening upon a forgotten masterpiece hidden at the back of the attic, or discovering that the teapot you’ve been using for years is a rare, fifteenth century Chinese Yixing version, are regrettably slim, but it does happen.

In France recently, art historians announced that the wood-panelled painting found hanging above a hotplate in the kitchen of a widow’s home was, in fact, a masterpiece by Cimabue, the Florentine artist known as “the father of the Renaissance”.

Several works by Cimabue are known to have been lost to wars, floods and earthquakes, but the artist’s thirteenth century painting innocuously decorating a small, domestic kitchen appears to be the real deal: it’s said to be worth around £5.3 million.

Though most of us will never enjoy a seven-figure Lottery win or discover a Renaissance masterpiece in Grandad’s kitchen, it’s clear that luck, or any other description of an unexpectedly favourable outcome, plays an integral part in our lives.

What makes luck so frustrating is its infrequency and the fact that it’s completely out of our control - which is why I’d always advocate buying Premium Bonds rather than a Lottery ticket, ostensibly because you cannot lose your stake, although the occasional let’s-have-a-go purchase of a Lucky Dip is perfectly okay.

So, what does this have to do with saving and investment?

The answer is: Everything.

Enjoying a figurative spin of the potentially lucky roulette wheel is activity best undertaken with spare cash. It’s discretionary expenditure , whereas the influence of luck on building a long term pension pot, for example, should be eradicated as far as possible. No-one wants to get to the cusp of retirement and discover that their pension pot is empty because everything was lost on the last race at Haydock Park.

In other words, building your savings, by whatever means, is invariably a long-term project. You’re unlikely to celebrate wildly when receiving a quarterly investment account statement, or when notice of a £25 Premium Bond win is delivered through your letterbox because saving and investment is a slow process. If it was easy and you could make a million overnight, everyone would be in clover, but the fact is, they’re not.

There’s no harm in hoping you’ll win £155 million, or willing that painting in your Grannie’s kitchen to be a forgotten masterpiece, but this is not a strategy capable of proving successful over the longer term.

Accept that saving can be, ahem, boring, but set a little aside with which to have some fun. Oh, and good luck.

How many of us, seeking an immediate change of fortune, have impulsively shelled out £2.50, crossed our fingers and bought a Lottery ticket in the hope of

scooping a £155 million jackpot?

I N V E S T M E N T

The average

Lottery winner’s first purchase is a washing

machine.

| 19

The UK’s ageing population continues to grow in size. Population projections suggest that by 2050 one in four people in the UK will be aged 65 or older. The fastest-growing cohort is

aged 75 and over; between 2019-39, this group is expected to grow by almost 65%.

Our closing look at equity release in numbers

13.4MILLION 12.1

MILLION

9.4MILLION

12.7MILLION

12.1MILLION

7.5MILLION

13.5MILLION

10.5MILLION

5.7MILLION

45-59 AGE GROUP

60-74 AGE GROUP

75+ AGE GROUP

2039 2029 2019 2039 2029 2019 2039 2029 2019YEAR

Number of people at these age

groups(millions)

UK population projections by age group, 2019, 2029, 2039

So

urc

e: E

qu

ity R

elea

se C

ou

ncil

The bar chart below shows that people aged over 50 have an increasingly strong sense of belonging to their neighbourhood, a

feeling that intensifies as they grow older. Almost two thirds of those aged between 50 and 64 say they feel a sense of belonging

to their neighbourhood; this figure rises to 77% for those aged 75 and over.

According to the Equity Release Council, 72% of homeowners aged 45 and over wish to live in their current property for as long as

they possibly can. Two thirds (66%) state that their property is emotionally important to them and their family; many value having

the space which enables family to visit them, an important consideration should care needs emerge.

Equity release interest rates fall

Average personal borrowing rates (%)

Jan 2017

Jul 2017

Jan 2018

Jul 2018

Jan 2019

Jul 2019

Jan 2020

Overdrafts 19.71 19.71 19.67 19.68 19.7 18.55 39.48*

Credit cards 17.96 17.96 17.92 18.35 18.67 19.99 18.20

Personal loans (£5k) 9.45 8.04 8.33 7.76 7.98 7.89 9.41

Equity release 5.45 5.27 5.14 5.22 5.21 4.91 4.48

5 year fixed rate mortgage - 95% LTV 4.58 4.67 4.49 4.29 3.64 3.44 3.59

When compared with other personal borrowing products, the average equity release rate has fallen further over the last year than most other categories of mortgage products.

51PERCENT

53PERCENT

62PERCENT

63PERCENT

72PERCENT

77PERCENT

16-24 25-35 35-49 50-64 65-74 75+AGE GROUP

Percentage of people who feel a sense of belonging to neighbourhood

by age group

*New overdraft fees were introduced by most banks from April 2020

MoneyMappHelping You Map Your Financial Future

MoneyMappHelping You Map Your Financial Future

Helping You Map Your Financial Future

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Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration

Equity Released from your home will be secured against it. Think carefully before securing other debts against your home.

Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate.